%Media Ch06_42_43

question 136

Multiple Choice

%media ch06_42_43. j p g %If a price ceiling of $10 is set in the market shown in the graph, the quantity exchanged will:

• A) fall by 4 units.
• B) rise by 4 units.
• C) rise by 8 units.
• D) not change.

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Definitions:

Labor Cost Variance

The difference between the actual labor costs incurred and the standard labor costs for the actual production achieved; it is used for monitoring labor performance.