Based on the standard labor hours to Sheffield and the cost per unit of labor, the total labor variance is $3,600 Favorable.
<h3>What is Sheffield's labor variance?</h3>
This can be found as:
= (Standard Labor Hours - Actual Labor Hours) x standard Labor Rate
Solving gives:
= ((3,600 x 2) - 6,900) x 12
= (7,200 - 6,900) x 12
= $3,600 Favorable
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The answer choice which is not a barrier to entry in a monopolized market is; Choice A; A single large firm.
<h3>What is a monopolized market?</h3>
A monopolized market is a theoretical scenario that Characterises a market where only one company may offer products and services to the public. A monopolistic market is the direct opposite of a perfectly competitive market, in which an infinite number of firms operate.
On this note, the choice which is not a barrier to entry in such market is; A large single firm.
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