Refer to the Given Data

question 157

Multiple Choice

Refer to the given data. If this firm can hire as few or many workers as it wants at $9, it is

• A)hiring labor in a monopsony labor market.
• B)hiring labor in a purely competitive labor market.
• C)selling its product in a monopolized product market.
• D)selling its product in a purely competitive product market.

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Definitions:

Materials Price Variance

The difference between the actual cost of materials purchased and the standard cost of those materials.

Materials Usage Variance

The difference between the standard quantity of materials expected to be used in production and the actual quantity used, valued at the standard cost for the materials.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of product units during a specific period under current or anticipated conditions.

Standard Hours

The set number of hours that is expected to be used to complete a certain task or job in a manufacturing or project setting.