Private Goods Are

question 164

Multiple Choice

Private goods are:

• A)excludable and rival
• B)non-excludable and rival
• C)excludable and non-rival
• D)non-excludable and non-rival

---

Definitions:

Fixed Overhead

Represents the regular, recurring costs associated with operating a business that do not vary with production volume, essentially an alternate term to Fixed Costs but specifically related to manufacturing overhead.

Budget Variance

The difference between the budgeted amounts of expense or revenue and the actual amounts incurred or earned.

Standard Cost

A predetermined cost of manufacturing a product or providing a service, used as a benchmark to measure actual performance against.

Budgeted Overhead

The projected or estimated indirect costs related to the operation of a business, which could include utilities, rent, and salaries.