When Apple Introduced the IPad the Price of and Demand

question 20

Multiple Choice

When Apple introduced the iPad the price of and demand for netbooks and notebooks were high.As a result,

• A)other suppliers introduced competing products to take advantage of the demand.
• B)consumers stopped buying netpads.
• C)manufacturers stopped producing netpads.
• D)competition was not allowed to enter the market.
• E)the equilibrium price met supply.

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Definitions:

Direct Labor Variances

The difference between the budgeted or standard cost of direct labor for actual production and the actual cost incurred for direct labor.

Direct Labor

The work of factory employees that can be directly traced to the product being manufactured.

Direct Labor Variances

The difference between the expected (standard) cost of direct labor for actual production and the actual cost incurred.

Direct Labor

Direct labor involves the work of employees who are directly involved in producing goods or services, being a key factor in manufacturing costs.