Which of the following most closely approximates the conditions of a monopolistically competitive market? Group of answer choices The market for Grade A eggs, which is characterized by a large number of firms producing a homogeneous product. The restaurant industry, which is characterized by firms producing a differentiated product in a market with low entry barriers. Local cable television service, where a licensed supplier competes with firms offering satellite service. The market for jumbo aircraft, where one major domestic firm competes with one major foreign firm.

The direct labor budget of yuvwell corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st quarter 2nd quarter 3rd quarter 4th quarterbudgeted direct labor-hours 11,200 9,800 10,100 10,900the company uses direct labor-hours as its overhead allocation base. the variable portion of its predetermined manufacturing overhead rate is $6.00 per direct labor-hour and its total fixed manufacturing overhead is $80,000 per quarter. the only noncash item included in fixed manufacturing overhead is depreciation, which is $20,000 per quarter.required: 1. prepare the company’s manufacturing overhead budget for the upcoming fiscal year.2. compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.