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katrin [286]
2 years ago
14

Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run,

we can expect
Business
1 answer:
igomit [66]2 years ago
5 0

Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect "some firms to exit causing the market price of corn to rise.".

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

According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.

There are five characteristics that have to exist in order for a market to be considered perfectly competitive. The characteristics are -

  1. homogenous items,
  2. no entry or exit obstacles,
  3. price taker sellers,
  4. transparent products, and
  5. no seller has any control over market prices.

The three key components of perfect competition are as follows:

  • There are a lot of buyers and sellers in the market.
  • These buyers and sellers are in competition with one another.
  • The good being offered or purchased is uniform.
  • Companies are free to enter or leave the market.

To know more about; Why is perfect competition the best form of market structure?, here

brainly.com/question/4190313

#SPJ4

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On May 1, 2016, Meta Computer, Inc., enters into a contract to sell 5,000 units of Comfort Office Keyboard to
LenaWriter [7]

Answer:

1. 2

2. Journal Entry

3. Journal Entry

Explanation:

1. There are 2 number performance obligations in this contract.

2. Cash Dr,                                                $95,000

     To unearned sales revenue                         $93,100

      To unearned discounted sales revenue     $1,900

(Being unearned revenue is recorded)

Working Note:-

Sales revenue = 5,000 × $19.6

= $98,000

Coupon applied = $20,000 × (25% - 5%) × 50%

= $2,000

Sales revenue including discount

= $98,000 + ($20,000 × 20% × 50%)

= $100,000

Discount on sales

= $95,000 × ($2,000 ÷ $100,000)

= $1,900

3. Cash Dr,                              $95,000

     To Unearned sales revenue         $95,000

(Being unearned revenue is recorded)

3 0
3 years ago
How has the steam engine changed over time?
Dovator [93]
Steam engine brought about advancement in transportation and trade by powering locomotives and steamships which carried both goods and people to distant places in record time. Over the years, knowledge continue to increase and new inventions emerge, these include diesel and electric trains. Today, steam engines are no longer in use. Those that exist are used for historical, entertainment and educational purposes.
6 0
3 years ago
Nair Corp. enters into a contract with a customer to build an apartment building for $1,000,000. The customer hopes to rent apar
Ivahew [28]

The determination of the transaction price for this contract for Nair Corp. is as follows:

Completed by Probability:

Date                             Probability         Bonus/Penalty       Outcome

August 1, 2015                  70%                 $150,000         $105,000 ($150,000 x 70%)

August 8, 2015                 20%                 $50,000             -10,000

August 15, 2015                 5%                  $50,000              -2,500

After August 15, 2015        5%                 $50,000              -2,500

Total expected value of performance bonus =           $135,000

Contract value = $1,000,000

Total transaction price = $1,135,000 ($1,000,000 + $135,000).

<h3>What is a transaction price?</h3>

A transaction price is the amount of consideration expected to be paid or received for the exchange of goods or services.

A transaction price can vary based on timing or performance factors.

<h3>Data and Calculations:</h3>

Contract value = $1,000,000

Performance bonus = $150,000

Penalty per week in performance bonus = $50,000

The total transaction price is <u>$1,135,000</u>.

Learn more about contract transaction prices at brainly.com/question/984979

4 0
2 years ago
Excise taxes tend to.
natka813 [3]
Excise taxes tend to<span> increase prices.</span>
6 0
2 years ago
Some financial experts recommend people create their personal budgets as follows: 50% on
AURORKA [14]

Answer: 592.614

Explanation:

She should spend 592.614 on wants because 592.614 is 30% of 1975.38

8 0
3 years ago
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