Figure 22-3. The left-hand graph shows a short-run aggregate-supply (SRAS) curve and two aggregate-demand (AD) curves. On the left-hand diagram, Y represents output and on the right-hand diagram, U represents the unemployment rate. 
-Refer to Figure 22-3. What is measured along the vertical axis of the left-hand graph?
Definitions:
Materials Price Variance
The difference between the actual cost of direct materials used in production and the expected (budgeted) cost of those materials.
Materials Standards
Predetermined benchmarks for the cost and quantity of materials used in the production process.
Materials Price Variance
The difference between the actual cost of materials and the expected (or standard) cost, indicating how efficiently materials are being purchased.
Standard Price
A predetermined price that a company aims to pay for materials, labor, and other costs, used for budgeting and performance evaluation.
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