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Answer:
This statement is true.
Explanation:
In a perfectly competitive market, there are a large number of firms in the market. There is no barriers to entry to exit in the market. The firms are producing homogenous products.
The firms in this market will earn positive profits in the short run as in short run, the firms can't enter the market.
In the long run, though the firms will be attracted to the positive profits earned by the existing firms to enter the market.
This will cause the supply in the market to increase, this increase in the supply will shift the supply curve to the left. This leftward shift in the supply curve will reduce the price of the product.
The market share and profits of the individual firms will decline. This will continue till the profits are reduced to zero.
Answer:
Net fixed assets on the balance sheet will decrease.
Explanation:
If we assume that Congress recently passed a provision that will enable Barton's Rare Books (BRB) to double its depreciation expense for the upcoming year but will have no effect on its sales revenue or tax rate.
The conclusion that best describes the impact of the new provision on BRB's financial statements versus the statements without the provision is that the <u>Net fixed assets on the balance sheet will decrease.</u>
<u>Normally in the Balance Sheet, the values of Net Assets are arrived at by subtracting the accumulated amounts of depreciation from the cost of the assets</u>
<u>Therefore if the values of depreciation are doubled, then the resultant amount of Net Assets will be smaller because a bigger deduction has been made against the cost of acquisition.</u>
Answer:
C) give no consideration at all to a job applicant’s race or gender
Explanation:
Affirmative action is a policy to encourage equal opportunity
and to level the playing field for groups of people who have been and
are discriminated against. According to the Equal Employment
Opportunity Commission, affirmative action "is considered essential to
assuring that jobs are genuinely and equally accessible to qualified
persons, without regard to their sex, racial, or ethnic
characteristics."
Answer:
The correct answer is letter "B": The tendency of competition to cause individuals and firms to unintentionally promote the interests of society.
Explanation:
In his book "<em>An Inquiry into the Nature and Causes of the Wealth of Nations</em>" (1776), British economist Adam Smith (1723-1790) introduced the term "invisible hand" to refer that economic factors (buyers and sellers) naturally influence in the fluctuations of supply and demand without the need for the intervention of the government.
According to Smith, buyers and sellers interactions act as an "invisible hand" arranging proper levels of competition between businesses and promoting the best interest of societies.
