What Do the Terms "Standard Quantity Allowed" or "Standard Hours

question 16

Multiple Choice

What do the terms "standard quantity allowed" or "standard hours allowed" mean?

• A) The actual output in units multiplied by the standard output allowed.
• B) The actual input in units multiplied by the standard output allowed.
• C) The actual output in units multiplied by the standard input allowed.
• D) The standard output in units multiplied by the standard input allowed.

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Definitions:

Ownership Utility

Orderly transfer of goods and services from the seller to the buyer; also called possession utility.

Exchange

A platform or marketplace where goods, services, or securities are traded between parties.

Time Utility

The value added to products or services by making them available when they are needed.

Good Or Service

Products offered in the market that can be either tangible (goods) or intangible (services) to satisfy consumer needs or wants.