CAT Questions

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A monopoly is a market that has a single seller of a unique product in the market. He does not have any competition in the market as he has no substitute product for the product he is selling.

Cost variance is nothing but the difference between the actual incurred cost and the estimated standard cost. This can be occured due to any changes in the volume of goods or services ordered. 

A favorable cost variance occurs when the actual incurred cost is less than the standard cost estimated before the production.

The main square of cuzco is called Plaza de Armas. Cuzco was the capital of the Inca Empire.

The term market in economics refers to the place or arrangement where the buyers and sellers come to contact directly or indirectly for buying and selling goods. Market refers to not a specific or particular place it is the place for commodities..