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 efficiency variance for the month?
Definitions:
Government Intervention
Regulatory actions taken by a government in order to affect or interfere with decisions made by individuals, groups, or organizations regarding economic and social matters.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in a stable market condition.
Marginal Consumer
A consumer who is indifferent between purchasing and not purchasing an additional unit of a good, based on the current price.
Social Cost
The total cost of an activity to society, including both private and external costs.
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