Answer:
The correct answer is option A.
Explanation:
Monopolistic competition refers to the market structure where there is a large number of buyers and sellers in the market. These sellers sell heterogeneous or differentiated products in the market.
The firms are price makers and face a downward-sloping demand curve. There is a high degree of competition in the market due to product differentiation. That is why there is little difficulty in an entry into the market.
Because of product differentiation, the firms advertise their products in order to gain market share. So the existing firms in the market compete in quality, price, and marketing.
Answer:
1,708 Unfavorable
Explanation:
Revenue Variance = Budgeted Revenue - Actual Revenue, and where actual revenue is less than standard revenue, then variance will be unfavorable.
Note: The variance is calculated for revenue and not the net profit, because both are different terms.
Budgeted = 3,100 tenant days
Actual = 3,120 tenant days
Revenue Budgeted for actual tenant days = $34 
3,120 = $106,080
Less: Actual Revenue = $104,372
Since Standard revenue is more than actual revenue, the variance will be unfavorable = $106,080 - $104,372 = 1,708 Unfavorable
Answer:
1. $2.60
2. 4 pounds
3. $10.40
Explanation:
Given that,
Price per pound of raw materials = $2.30
Freight-in = $0.20
Receiving and handling = $0.10
Quantity per gallon of the finished product—required materials = 3.60 pounds
Allowance for waste and spoilage = 0.40 pounds
1. Standard materials price per gallon:
= Price per pound of raw materials + Freight-in + Receiving and handling
= $2.30 + $0.20 + $0.10
= $2.60
2. Standard materials quantity per gallon:
= Quantity required materials + Allowance for waste and spoilage
= 3.60 pounds + 0.40 pounds
= 4 pounds
3. Standard materials cost per gallon:
= Standard materials price per gallon × Standard materials quantity per gallon
= $2.60 × 4
= $10.40
Less environmental destruction
