Standish Company manufactures consumer products and provided the following information for the month of February: Units produced 131,900 Standard direct labor hours per unit 0.2 Standard fixed overhead rate (per direct labor hour) $2.30 Budgeted fixed overhead $64,500 Actual fixed overhead costs $68,400 Actual hours worked 26,550 Required: 1. Calculate the fixed overhead spending variance using the formula approach. $fill in the blank 1 3,900 Unfavorable 2. Calculate the volume variance using the formula approach. $fill in the blank 3 3,826 Unfavorable

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.