A market economy serves as an economic system in which economic activities is been controlled by individuals.
<h3>What is
market economy?</h3>
market economy serves as the economy that that gives country's individual citizens and businesses to be able to make decisions .
This decision could be pricing of goods and services which are been controlled by the interactions of a country's individual citizens.
COMPLETE QUESTION:
Explain market place economy
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Answer:
Variable overhead efficiency variance= $19,952 unfavorable
Explanation:
Giving the following information:
Standard hours per unit of output 5.2 hours
Standard variable overhead rate $11.60 per hour
Actual hours 2,500 hours
Actual output of 150 units
<u>To calculate the variable overhead efficiency variance, we need to use the following formula:</u>
Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate
Standard quantity= 5.2*150= 780
Variable overhead efficiency variance= (780 - 2,500)*11.6
Variable overhead efficiency variance= $19,952 unfavorable
<h2>Answer</h2>
Increases
<h3>Explanation</h3>
When an increase in the production cost is experienced, there are high chances that the supply will be affected significantly. With increased costs, in this scenario, less wheat is supplied, rending the wheat supply curve to shift inwards. An inward shift of the wheat supply curve will result in decreased supply and since less supply has to met more demand, so price will rise, thus an increased equilibrium price is attained.
