Match Each of the Following Terms with Their Correct Description

question 19

Multiple Choice

Match each of the following terms with their correct description from the items listed below.* Each term may be used more than once, and it is possible that one or more of the classifications may not be used at all.
-Actual price of inputs is greater than the standard price.

• A)Quantity standards
• B)Ideal standards
• C)Price standards
• D)Standard cost sheet
• E)Upper control limit
• F)Currently attainable standards
• G)Kaizen standards

---

Definitions:

Unit Elasticity

A situation in economics where a change in the price of a good or service results in a proportional change in the quantity demanded or supplied.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.

Price Elasticity

An indicator that shows the degree to which the demand for a product or service fluctuates following a price adjustment.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices over a specific period.