Other Things Equal,when the Price of a Good Falls,the

question 60

Multiple Choice

Other things equal,when the price of a good falls,the

• A)quantity supplied of the good increases.
• B)supply decreases.
• C)quantity supplied of the good decreases.
• D)demand increases.

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Definitions:

Material Price Variances

The difference between the actual cost of materials and the standard or expected cost, multiplied by the quantity purchased.

Time Materials

A pricing model where a customer pays based on the actual time spent on a project and the cost of materials used.

Recognition Of Variances

The process of identifying and documenting the differences between actual and budgeted costs.

Flexible Budgets

Budgets that adjust or flex with variations in activity levels or other relevant factors, allowing more accurate comparisons to actual results.