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makkiz [27]
3 years ago
6

Land of Many Lakes (LML) sells butter to a broker in Albert Lea, Minnesota. Because the market for butter is generally considere

d to be competitive, LML does not a. have any fixed costs of production. b. choose the quantity of butter to produce. c. set marginal revenue equal to marginal cost to maximize profit. d. choose the price at which it sells its butter.
Business
1 answer:
Mrac [35]3 years ago
7 0

Answer: d. choose the price at which it sells its butter.

Explanation:

In a competitive market, the individual sellers do not choose a price to sell at but rather the market does. This is due to the high number of sellers in the market so individual sellers do not have bargaining power.  

The price will therefore equal the firm's marginal revenue as well as Average revenue.

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Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIFO method at the beginning
otez555 [7]

Answer:

Explanation:

1. The computation of the balance in retained earnings is shown below:

= Beginning retained earning balance + adjusted net income

where,

Beginning retained earning balance is $780,000

And, the adjusted net income is = Inventory × ( 1 - tax rate)

= $60,000 × (1 - 40%)

= $36,000

Now put these values to the above formula  

So, the value would equal to

= $780,000 + $36,000

= $816,000

2. The journal entry is shown below:

Inventory A/c Dr $60,000

   To Retained earning A/c $36,000

   To Tax payable A/c          $24,000

(Being inventory is adjusted and the remaining balance is credited to tax payable account)

4 0
3 years ago
“Gambler fallacy” is the Believe that if people keep gambling they will eventually win big
Elena-2011 [213]
The answer is False

Hi hope you doing well!
6 0
2 years ago
Suppose the U.S. GDP growth rate is faster relative to other​ countries' GDP growth rates. U.S. imports will therefore increase
Leni [432]

Answer:

Option (B) is correct.

Explanation:

If there is an any change in the GDP of a particular nation then as a result this will shift the demand curve. Increase in GDP or an increase in the income level of the people will shift the demand curve for goods rightwards. With the higher level of income, the consumer's demand for goods increases.

Any change in the price level of the goods will affect the quantity demanded for that goods and there is a movement along a demand curve.

5 0
3 years ago
Which of the following statements regarding uncertainty in liabilities is not correct? Group of answer choices Liabilities can i
nadya68 [22]

Answer: A company can only record a liability when it knows whom to pay, when to pay, and how much to pay

Explanation:

A liability is simply defined as the amount that a particular company owes. Liabilities consist of loans, accrued expenses, defered revenue, and accounts payable.

We should note that liabilities can involve uncertainty in whom to pay. Also, a company can have an obligation of a known amount to a known creditor, but not know when it must be paid.

Based on the options given in the question, the answer will be "a company can only record a liability when it knows whom to pay, when to pay, and how much to pay".

5 0
3 years ago
Buyers and sellers in a competitive market that must accept the price that the market determined.
taurus [48]

Answer:

price takers

Explanation:

The buyers and sellers that just accept the prices are called price takers-

6 0
3 years ago
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