The following labour standards have been established for a particular product: 
The following data pertain to operations concerning the product for the last month: 
What was the labour rate variance for the month?
Definitions:
Cartel
An agreement among competing firms to control prices or exclude entry of a new competitor in a market.
Economic Efficiency
A state where resources are allocated in the most beneficial way for society, maximizing productivity while minimizing waste and inefficiency.
Brand Loyalty
The tendency of consumers to continuously purchase products from the same brand instead of switching to competitors.
Entry Barriers
Obstacles that make it difficult for new competitors to enter a market or industry.
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