The Role That Was Once Performed by Price Surveillance Authority

question 38

Multiple Choice

The role that was once performed by Price Surveillance Authority ('PSA') is now undertaken by the Australian Competition and Consumer Commission ('ACCC') .That role is:

• A)to monitor corporations.
• B)to reduce competition in the marketplace to ensure that consumers get the best prices.
• C)to monitor prices in areas where competition is not effective to protect consumers and ensure efficient prices
• D)to promote mergers, acquisitions and monopolies in the marketplace and ensure that all businesses are treated equitably.

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Definitions:

Actual Costs

The actual costs are the genuine expenditures incurred by a business during production, operation, or other activities, as opposed to estimated or budgeted costs.

Direct Labour Efficiency Variance

The difference between the actual hours worked and the standard hours expected to produce a certain number of units, multiplied by the standard labor rate.

Actual Production

The real and measurable output of goods or services from a production process or system.

Normal Production

The expected volume of output under standard operating conditions without external disruptions.