Answer: Production Possibilities Graph.
Explanation: A production possibilities graph is a graph that helps to show the different ways in which economic resources can be used. It can only contain two products or resources in its graph. With the production possibilities graph, an opportunity cost of a decision can be examined.
Answer:
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Answer:
A. The company paid a higher cost for the direct materials than allowed by the standards.
Explanation:
The following is a logical explanation for this variance:
Since, the standard quantity of raw materials to be used is 22 pounds x 500 units = 11000 pounds. The actual usage is 9500 pounds ony. Hence, variance in direct material price variance can be only due to higher cost of direct material purchased.