The following labor standards have been established for a particular product: 
The following data pertain to operations concerning the product for the last month: 
What is the labor rate variance for the month?
Definitions:
Nondiscriminating Monopolist
A monopolist who charges the same price for all units of output sold, not engaging in price discrimination between different consumers.
Elastic
Describes a situation where the quantity demanded or supplied of a good or service changes significantly when its price changes.
Imperfectly Competitive Market
A market structure where the assumptions of perfect competition, such as identical products and many buyers and sellers, are not fully met.
Imperfectly Competitive
Describes markets where individual sellers can influence prices and terms of trade, contrary to perfect competition.
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