Marigold Company has developed the following standards for one of its products. Direct materials: 10 pounds × $12 per pound Direct labor: 4 hours × $20 per hour Variable overhead: 5 hours × $10 per hour The following activity occurred during the month of October: Materials purchased: 10,000 pounds costing $150,000 Materials used: 6,000 pounds Units produced: 500 units Direct labor: 2,300 hours at $23.60/hour The company records materials price variances at the time of purchase. The direct materials price variance is: a.$30,000 U. b.$12,000 F. c.$41,000 F. d.$53,000 U.

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls