The Study of the Economic Choices Made by Individual Consumers

question 36

Multiple Choice

The study of the economic choices made by individual consumers or businesses is called _____.

• A)macroeconomics
• B)microeconomics
• C)federal economics
• D)system economics

Identify what constitutes a favorable (F) versus unfavorable (U) variance.

Understand how to calculate materials price variance.

Understand the concept of variance in a manufacturing cost context.

Understand how to calculate labor efficiency variance.

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Definitions:

Price Affect Demand

The relationship between the price of a good or service and the willingness of consumers to buy it, where typically, a higher price leads to lower demand and a lower price leads to higher demand.

Renal Papillae

The apexes of the renal pyramids, which project into the minor calyces of the kidney and through which urine flows into the ureters.

Minor Calyces

Small, funnel-shaped structures in the kidneys that collect urine from the renal pyramids and convey it to the major calyces.

Major Calyces

The large passageways in the kidney that collect urine from the minor calyces and funnel it into the renal pelvis.