Match Each of the Following Terms with Their Correct Description

question 159

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 less 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:

Efficiency Gains

Improvements in the use of resources that allow for more output without increasing the input.

Natural Monopoly

A market condition in which a single firm can provide a product or service at a lower cost than any potential competitors, often due to economies of scale.

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of the operation increases.