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1 year ago

In the , the perfectly competitive firm will react to profits by

Business

1 answer:

ElenaW [278]1 year ago

8 0

In the long run, perfectly competitive firms will react to profits by increasing production.

Firms in a perfectly competitive world earn zero profit in the long run. While firms can earn accounting profits in the long run, they cannot earn economic profits.

In the long run, perfectly competitive firms will react to profits by decreasing production. CORRECT: In the long run, perfectly competitive firms will respond to losses by exiting the market. In the long run, perfectly competitive firms will respond to losses by reducing production.

A perfectly competitive market achieves long‐run equilibrium when all firms are earning zero economic profits and when the number of firms in the market is not changing.

In the long run, profits and losses are eliminated because an infinite number of firms are producing infinitely divisible, homogeneous products. Firms experience no barriers to entry and all consumers have perfect information.

Learn more about a perfectly competitive firm here: brainly.com/question/25327136

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At what stage of growth is a business profitable, with enough money to reinvest into the company? A. Successful B. Start-up C. M

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D. Stability, is right.

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3 years ago

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Suppose that United States produces 10,000,000 barrels of oil and 1,000 bushels of wheat each week. Suppose that Pakistan produc

Darya [45]

Answer:

1. 1,000 bushels of wheat

2. d) A situation where one country does not engage in trade with other

Explanation:

1 & 2. Autarky refers to a situation where a country does not engage in trade with other countries but rather relies on its own production capacities to feed the consumption in the country.

Autarkies in the current world are not a thing because countries trade with each other. Even North Korea trades with Russia, China and others.

In an Autarky situation therefore, the United States would only be able to consume the wheat that it produces itself which according to the question is 1,000 bushels of wheat.

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3 years ago

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Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. F

masha68 [24]

Answer:

Closing Units = (710 units - 490 units)= 220 units

a) FIFO : closing inventory = $14,040

Mar 18 purchase 20 *$62 =$1,240

Mar 25 purchase 200 *$64 = $12,800

b) LIFO : closing inventory = $12,780

Mar 1 opening = 90 * $52 =$4,680

Mar 18 purchase = 110 * $62 = $6,820

Mar 25 purchase = 20*$64 =1,280

c) Weighted Average Method (WAM) :

WAM= (Opening cost + purchases cost)/(opening units +units purchased)

= ($7,800+$14,250)/(150+250) = $55.125 cost before Mar 9 sale

WAM(after the first sale) = ($4,961.25 +$6,820 + $12,800)/(90+110+200)

= $61.45

Closing Inventory = $61.45*220 =$13,519

d) Specific Identification :Closing Inventory = $13,070

Mar 01 opening = 60 *$52 =$3,120

Mar 5 Purchase = 30*$57 =$1,710

Mar 18 Purchase = 40*$62 =$2,480

Mar 25 Purchase = 90*$64 =$5,760

Explanation:

The Question is incomplete. I have provided the missing part of the question below.

Date Activities Units Acquired at Cost Units Sold at Retail

Mar. 1 Beginning inventory 150 units $52.00/unit

Mar. 5 Purchase 250 units $57.00/unit

Mar. 9 Sales 310 units $87.00/unit

Mar. 18 Purchase 110 units $62.00/unit

Mar. 25 Purchase 200 units $64.00/unit

Mar. 29 Sales 180 units $97.00/unit

Totals 710 units 490 units

5 0

3 years ago

-8/3 + 7/2 =?<br><br>por favor ayúdenme.

Triss [41]

Answer:

-5/6

Explanation:

Fist find the common denominators of the two

$- \frac{16}{6} + \frac{21}{6}$

Then you that minus sign in front of the fraction that means its negative

although theres an addition sign where subtracting fractions.

given it's in this order the fraction will be negative

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3 years ago

Tax return preparers may generally rely on a client's representations without verification unless:

Valentin [98]

Answer:

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A "tax return preparer" usually relies in good faith without verification upon information furnished by a taxpayer or another advisor or third party. But he has the authority to make inquires in case he feels the information given is incomplete or inconsistent. Also, some of the provisions also require few circumstances or facts to be claimed before deduction is made. So, A tax return preparer should make relevant inquiries to decide if the information given is correct as required by an "Internal Revenue Code" section or a regulation to claim either a deduction or a credit.

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3 years ago

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In the , the perfectly competitive firm will react to profits by