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AleksandrR [38]
2 years ago
9

The term _______________ refers to a firm operating in a perfectly competitive market that must take the prevailing market price

for its product. price setter business entity price taker trend setter
Business
1 answer:
hoa [83]2 years ago
6 0

The term <u>price taker</u> refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product. Read below about a perfectly competitive market.

<h3>What is a perfectly competitive market?</h3>

In economics, a perfect market is also known as an atomistic market. A effect competition is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition.

Therefore, in such a market the price taker must take the prevailing market price its product.

learn more about price taker: brainly.com/question/15416827

#SPJ1

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Jessica spends all her income on two goods, A and B. The price of A is $5, and the price of B is $7. At the current consumption
masha68 [24]

Answer:

Jessica should consume more of good A.

Explanation:

Jessica spends all her income on two goods, A and B.

The price of A is $5, and the price of B is $7.

At the current consumption bundle, the marginal utility of A is 10, and the marginal utility of B is 21.

The total utility is maximized when the ratio of marginal utility and price of the goods consumed is equal for all the goods in the bundle.

The ratio for Good A

= \frac{10}{5}

= 2

The ratio for good B

= \frac{21}{7}

= 3

Since the ratio is higher for good B, the consumer should shift from consumption of good B to good A until the ratio is equal for both the goods.

5 0
3 years ago
What are the effects of an increase in the population on potential​ GDP, the quantity of​ labor, the real wage​ rate, and potent
baherus [9]

Answer:

Effects

Potential​ GDP decrease

the quantity of​ labor increase

the real wage​ rate decrease

and potential GDP per hour of​ labor  decrease

An increase in the population​ decrease the real wage rate and increase the equilibrium quantity of labor.

Explanation:

Population growth affects many phenomena such as the age structure of a country’s population, international migration, economic inequality, and the size of a country’s work force.

Thinking in the graph of the labor market where combines hour real wage with the quantity of labor, if we increase the population ,  that means the demand of labor will increase so,  the wage will  decrease.

GDP per hour worked is a measure of labor productivity

The equilibrium is  where the quantity demanded of labor is equal to the quantity supplied.

So,  if the if the population increase the equilibrium quantity of labor will increase.

Effects Potential​ GDP is Potential gross domestic product decrease

the quantity of​ labor increase

the real wage​ rate decrease

and potential GDP per hour of​ labor  decrease

6 0
3 years ago
McCarthy Company has inventory... McCarthy Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, i
KatRina [158]

Answer:

Ending inventory= $3,485

Explanation:

Giving the following information:

Beginning inventory= 8 units for $200 each

On October 2= purchased 20 units at $205 each.

11 units are sold on October 4.

u<u>nder the FIFO (first-in, first-out) inventory method, the ending inventory is calculated using the cost of the last units incorporated into inventory.</u>

Ending inventory= 17*205= $3,485

6 0
3 years ago
As
Sergio039 [100]

Answer:

Statue of limitations

Explanation:

5 0
2 years ago
Taxable income of a corporation
kobusy [5.1K]

Answer:

Option b. Differs from accounting income due to differences in interperiod allocation and

permanent differences between the two methods of income determination.

Explanation:

Corporation examples are joint stock companies, joint accounts, associations, insurance companies e.t.c.

A Corporation taxable income is simply defined as a part of its profits generated by corporations that is collected by the Federal and State government as an income tax. It is known as a direct tax. It is placed on the net income or profit of a corporate organization. The tax rate for corporation uses the slab rate system or method of taxation that is based on the type of corporate entity and the different revenues gotten by them individually.

6 0
3 years ago
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