The Figure Below Shows the Supply and Demand Curves for Oranges

question 99

Multiple Choice

The figure below shows the supply and demand curves for oranges in Smallville. At the price of $4 per pound, sellers offer ______ pounds of oranges per day, and buyers want to purchase ______ pounds of oranges a day.

• A)10; 30
• B)10; 20
• C)20; 20
• D)30; 10

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Definitions:

Standards

Established criteria or benchmarks against which performance, quality, and compliance are measured.

Direct Labor Variance

The difference between the budgeted cost of direct labor and the actual cost incurred, used to assess labor efficiency and cost control in production.

Per-unit Standards

Defined benchmarks for the amount of materials, labor, and overhead costs that should be used in producing a single unit of a product.

Direct Labor Hours

The total time workers spend directly manufacturing a product or providing a service.