Answer:
a. setting a price higher than the going price results in zero sales
Explanation:
Perfect competition markets are theoretical since there is not perfectly competitive market in the world, but some markets, specially commodities, work in similar ways. All the markets that work similarly to perfect competition markets have many sellers and buyers, and that prevents any individual seller or buyer from having to much market power, so all of them must be price takers if they want to sell their goods.
Answer:
A willful violation is punishable by a minimum of a $5,000 fine and a maximum of a $70,000 fine per violation.
Explanation:
Answer:
The wholesale cost for the pianos that Darnell pays the manufacturer - explicit cost
The salary Darnell could earn if he worked as an accountant - implicit cost
The wages and utility bills that Darnell pays - explicit cost
The rental income Darnell could receive if he chose to rent out his showroom.-implicit cost
Explanation:
Explicit cost includes the amount expended in running the business.
They include rent , salary and cost of raw materials
Explicit cost is used in determining accounting profit
Implicit cost or opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives
Implicit cost is used in determining economic profit
If Darnell didn't use his showroom, he could have rented it out. Renting it out is his next best option that was forgone. Thus, it is an implicit cost
If Darnell didn't start his business, he could have been working as an accountant. The amount he could have earned as an accountant is his implicit cost
A SWOT analysis can contribute to the strategic planning process by evaluating all of these.
The best place that one should check when looking for the amount a company spent on purchasing long-term assets is the Investing section of the <u>Cashflow statement.</u>
<h3>What goes in the Investing section of the cashflow statement?</h3>
This is where cash transactions relating to the purchase and sale of fixed assets are recorded. Transactions involving securities of other companies go here as well.
If we want to see the amount spent on fixed assets therefore, we should look at the investing section as it will show the actual amount of cash spent on fixed assets.
Find out more on the cashflow statement at brainly.com/question/735261.