"Paul is an analyst at an investment bank. He notices that many of the senior executives at his office wear Rolex watches, so he decides to save up and buy a Rolex so that he will appear to be more like those executives. Paul’s comparison of his own material possessions with those owned by others to determine his relative social standing is an example of ."

Kirnon clinic uses client-visits as its measure of activity. during july, the clinic budgeted for 3,250 client-visits, but its actual level of activity was 3,160 client-visits. the clinic has provided the following data concerning the formulas to be used in its budgeting: fixed element per month variable element per client-visitrevenue - $ 39.10personnel expenses $ 35,100 $ 10.30medical supplies 1,100 7.10occupancy expenses 8,100 1.10administrative expenses 5,100 0.20total expenses $ 49,400 $ 18.70the activity variance for net operating income in july would be closest to: