Outcomes Are Fair According to the

question 156

Multiple Choice

Outcomes are fair according to the

• A) rules view if private property rights are established and trade is voluntary.
• B) results view if private property rights are established and trade is voluntary.
• C) rules view if there is not too much inequality.
• D) results view if there is not a big tradeoff.
• E) results view if there is equality of opportunity.

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Definitions:

Produced

Refers to items that have been completed and are ready for sale or distribution, typically finished goods in a manufacturing context.

Total Cost

The complete cost of producing or acquiring goods or services, including variable and fixed costs.

Direct Materials Price Variances

The difference between the actual cost of direct materials and the expected (or standard) cost, used to assess changes in material costs over time.

Quantity Variances

The difference between the expected quantity of materials, labor, or overhead and what was actually used.