Which of the Following Is Most Likely to Be a Monopoly

question 46

Multiple Choice

Which of the following is most likely to be a monopoly?

• A) AOL (America On Line), an internet service provider
• B) WABC, a television station
• C) The Washington Post
• D) a public water utility

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Definitions:

Materials Quantity Variance

The difference between the actual amount of materials used in production and the standard amount expected, measured in terms of cost.

Labor Price Variance

The difference between the actual cost of direct labor and the standard or expected cost.

Labor Quantity Variance

The difference between the actual labor hours used and the standard hours planned, multiplied by the standard hourly labor rate.

Predetermined Manufacturing Overhead Rates

A rate used to allocate manufacturing overhead costs to products based on a standard cost, established in advance of production.