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1 year ago

As a group, oligopolists would always be better off if they would act collectively

1 answer:

4 0

The combined actions of oligopolists would always be preferable to those of a single monopolist. The correct response is option (c).

<h3>Define Oligopoly. </h3>

An imperfectly competitive market structure known as an oligopoly is one in which a limited number of businesses sell the same goods. Businesses in this type of market produce profits that are above average due to the high entry barriers.

A scenario known as monopoly occurs when there is only single-seller in the market. In traditional economic theory, the monopolistic situation is seen as the complete antithesis of perfect competition. The demand curve that the monopolist encounters is, by definition, the industry's downward-sloping demand curve.

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Suppose that a small family farm sold its output for $100,000 in a given year. The family spent $25,000 on fuel; $40,000 on seed

yarga [219]

Answer:

Accounting Cost

Accounting costs refers to the explicit costs which ar the actual costs related to the business venture. In this case that would be:

= Fuel costs + Seed costs + Equipment

= 25,000 + 40,000 + 25,000

= $90,000

Economic cost

This includes the accounting costs and then adds the implicit costs which are the opportunity costs of choosing the current business venture. In this case it is the $20,000 they could have been making working at other occupations.

= Accounting cost + Salary foregone

= 90,000 + 20,000

= $110,000

Economic costs will always be higher than Accounting costs because they include both the accounting costs and opportunity costs.

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3 years ago

What is the preferred form of real estate syndication in california?

SIZIF [17.4K]

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7 0

3 years ago

Boone Products had the following unit costs:Direct materials $24Direct labor 10Variable overhead 8Fixed factory (allocated) 18A

Maslowich

Answer: Option (b) is correct.

Explanation:

Given that,

Direct materials = $24

Direct labor = $10

Variable overhead = $8

Fixed factory (allocated) = $18

Overtime premium = $8 per unit

Purchased = 2,000 units at a special price of $48 per unit

Contribution Margin (2000 - 1000 units) = special price per unit - Direct materials - Direct labor - Variable overhead

= 48 - 24 - 10 - 8

= $6 per unit

Contribution margin for units produced during overtime = special price per unit - Direct materials - Direct labor - Variable overhead - Overtime premium

= 48 - 24 - 10 - 8 - 7

= $(-1) per unit

Total contribution = 1000 × 6 + 1000 × -1

= $6000 - $1000

= $4000 Profit

Therefore, additional profit will be generated by accepting the special order is $4000.

4 0

3 years ago

Which statement is correct concerning the definition of internal control developed by the Committee of Sponsoring Organizations

BlackZzzverrR [31]

Answer:

D. It suggests that it is important to view internal control as an end product as contrasted to a process or means to obtain an end.

Explanation:

Internal control is a process which is effected by an entity's board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives.

6 0

4 years ago

A bag contains 9 red marbles, 5 white marbles, and 6 blue marbles. You draw 4 marbles out at random, without replacement. Find t

IRINA_888 [86]

a) 0.0260

b) 0.0681

Explanation:

The bag contains:

r = 9 (number of red marbles)

w = 5 (number of white marbles)

b = 6 (number of blue marbles)

So, the total number of marbles in the bag at the beginning is:

$n=9+5+6=20$

At the 1st attempt, the probability of choosing a red marble is:

$p(r)=\frac{r}{n}=\frac{9}{20}$ (1)

At the 2nd attempt, the 1st red marble is not placed back, so now the number of marbles is (n-1), while the number of red marbles left is (r-1). So the probability of choosing another red marble at the 2nd attempt is

$p(r)=\frac{r-1}{n-1}=\frac{8}{19}$ (2)

With a similar argument, the probabilities of selecting a red marble in the 3rd and 4th attempt are

$p(r)=\frac{7}{18}$ (3)

$p(r)=\frac{6}{17}$ (4)

Therefore, the probability of drawing 4 red marbles in the first 4 attempts without replacing is:

$p(rrrr)=\frac{9}{20}\frac{8}{19}\frac{7}{18}\frac{6}{17}=\frac{3024}{116280}=0.0260$

At the 1st draw, the probability that the marble is not red is:

$p(r^c)=1-p(r)=1-\frac{9}{20}=\frac{11}{20}$

At the 2nd draw, there are 9 red marbles left and 19 total marble left. So, the probability of NOT drawing a red marble is:

$p(r^c)=1-\frac{9}{19}=\frac{10}{19}$

At the 3rd draw, there are 9 red marbles left and 18 total marbles left. So, the probability of NOT drawing a red marble is:

$p(r^c)=1-\frac{9}{18}=\frac{9}{18}$

Finally, with a similar argument the probability of NOT drawing a red marble at the 4th and last attempt is:

$p(r^c)=\frac{8}{17}$

So, the total probability of drawing 4 non-red marbles in the first 4 attempts is:

$p(r^cr^cr^cr^c)=\frac{11}{20}\frac{10}{19}\frac{9}{18}\frac{8}{17}=\frac{7920}{116,280}=0.0681$

6 0

3 years ago