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2 years ago

Regardless of quantity in long-run equilibrium, the industry price cannot exceed the?

1 answer:

Crank2 years ago

3 0

An extremely large number of vendors, each of whom makes a comparable or same product, make up a competitive market. The total of all these unique outputs, which each provider produces as a small portion of the market as a whole, represents the production of that industry. This includes dry cleaners, corner stores, barbershops, and florists.

A market that has just one supplier is considered a monopolist at the other extreme. Examples include the fact that the National Hockey League is the only provider of top-notch professional hockey matches in North America, Hydro Quebec is the province of Quebec's sole electricity supplier, and Via Rail is the only provider of passenger rail services between Windsor, Ontario, and the city of Quebec.

Equilibrium: What Is It?

When market supply and demand are in balance, prices become steady. This is known as equilibrium. In general, a surplus of goods or services leads to lower prices, which increases demand, whereas a shortfall or under supply raises prices, which decreases demand.

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A new study discovers the health benefits of eating fish regularly. At the same time, some consumers decide to become vegetarian

mezya [45]

Answer:

Explanation:

Incorrect Question 18 0/5 pts A new study discovers the health benefits of eating fish regularly. At the same time, some consumers decide to become vegetarians. What is the effect of these events on the equilibrium price and quantity in the fish market? The equilibrium price rises, and the equilibrium quantity falls. The equilibrium price falls, and the equilibrium quantity rises. The equilibrium price falls, and the change in the equilibrium quantity is ambiguous. The change in both the equilibrium price and quantity is ambiguous. Incorrect Question 19 0/5 pts What happens to the equilibrium price and quantity when demand increases and at the same time supply decreases, but the demand shift is smaller than the supply shift? The equilibrium price rises, and the equilibrium quantity falls. Both the equilibrium price and the equilibrium quantity will rise. The equilibrium price falls, and the equilibrium quantity rises Both the equilibrium price and the equilibrium quantity will tal

6 0

2 years ago

The deal your assistant signs calls for the sale of a minimum of260 chairs and up to 450 chairs. The price will be $91 per chair

sattari [20]

Answer:

a. Revenue = $23,660

b. Revenue = $40,837.50

Explanation:

a) Data and Calculations:

Minimum number of chairs to be sold under the deal = 260

Price at minimum number of chairs (260) = $91

Maximum number of chairs to be sold under the deal = 450

Discount offered for quantity above 260 = $0.25 per chair on the entire order

Price at maximum number (or just above 260 chairs) = $90.75 ($91 - $0.25)

Minimum revenue to be made under this deal = $23,660 (260 * $91)

Maximum revenue to be made under this deal = $40,837.50 (450 * $90.75)

6 0

3 years ago

Name one of the three different levels at which an organization can be diagnosed?

Sav [38]

Three different levels at which an organization can be diagnosed are Organizational, Group and Individual.

In the organizational level three faces are considered which includes the Inputs, outputs and the system designs. This creates a process through which the organization arrive at its goals.

The second level of the diagnosis is the group level diagnosis.In this level of diagnosis the focus is on the input of the organizational design.

Third level of diagnosis is at the individual level. Individual jobs have specific designs to accomplish individual goals which are required to be performed for a certain process.

An organization is an open system in which different ways of the environment impact the organizations in many ways.

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6 0

2 years ago

Which of the following is a characteristic of both the sales approach for service-type warranties and the expense approach for a

user100 [1]

Answer: Unearned warranty revenue

Explanation:

Unearned warranty revenue is usually shown as an unearned revenues in the accrued liabilities during the preparation of the balance sheets.

It should be noted that the unearned warranty revenue is a characteristic of both the sales approach for service-type warranties and the expense approach for assurance-type warranties.

3 0

3 years ago

A review of the accounting records of Baird Manufacturing indicated that the company incurred the following payroll costs during

ankoles [38]

Answer:

a. $363,000

b. $827,200

Explanation:

The computations are shown below:

a. Payroll cost would be

= Salary of the company president + Salary of the chief financial officer + Salary of the vice president of marketing + Salaries of administrative secretaries + Commissions paid to sales staff

= $75,000 + $42,000 + $40,000 + $60,000 + $146,000

= $363,000

And, for computing payroll cost first we have to determine the total cost which is shown below:

= Salary of the vice president of manufacturing + Salaries of middle managers (department heads, production supervisors) in manufacturing plant + Wages of production workers + Salaries of engineers and other personnel responsible for maintaining production equipment

= $50,000 + $147,000 + $703,500 + $133,500

= $1,034,000

Now the cost of goods sold would be

= Total cost × sales units ÷ number of units produced

= $1,034,000 × 4,000 units ÷ 5,000

units

= $827,200

3 0

2 years ago