Willie sometimes feels uncertain that he has made the right decision when he spends money or agrees to

In the theory of perfect competition, the assumption of easy entry into and exit from the market implies:_____.

Hitman42 [59]

The assumption in perfect competition that there is an easy entry and exit from the market implies that firms will make a zero economic profit in the long run.

<h3>Why do firms make a zero economic profit?</h3>

In a pure competition, companies are allowed to freely enter and leave.

They take advantage of this to enter a market when prices are high and economic profit is being made.

As more firms enter, the economic profit keeps decreasing as prices decrease until this profit gets to zero and then turns to economic losses.

At this point, some firms will leave the market to stop making losses. When they do, the supply will decrease which leads to prices rising once more.

The cycle will then repeat itself and keep the companies at a zero economic profit in the long run.

Find out more on perfect competitions at brainly.com/question/1748396

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3 0

2 years ago

If the quantity supplied is the same regardless of price then the supply curve would be:___________

Eva8 [605]

Answer:

perfectly inelastic

Explanation:

A supply of the product is considered to be perfectly inelastic in situations whereby the changes in the price of a commodity do not affect the quantity supplied, then such a supply curve is termed as perfectly inelastic. It is often depicted as a vertical line at the quantity supplied against all the prices in a graphical representation form.

Hence, If the quantity supplied is the same regardless of price then the supply curve would be: PERFECTLY INELASTIC

7 0

3 years ago

Prepare the journal entry to record Jevonte Company’s issuance of 35,000 shares of its common stock assuming the shares have a:

Tanzania [10]

Answer: Please see answer in explanation column

Explanation:

a)journal entry to record Jevonte Company’s issuance at $3 par value and $22 cash per share

Account Debit Credit

Cash(35,000 x $22) $770,000

Common stock, $3 par value(35,000 x 3) $105, 000

Paid-in captial in excess of par value, common stock

($770,000 - $105, 000 ) $665,000

b)journal entry to record Jevonte Company’s issuance at $3 stated value and $22 cash per share

Account Debit Credit

Cash (35,000 x $22) $770,000

Common stock, $3 stated value (35,000 x 3) $105, 000

Paid-in captial in excess of stated value, common stock

($770,000 - $105, 000 ) $665,000

8 0

4 years ago

A real estate salesperson finds a buyer to a For Sale By Owner property. The home sells for $245,000, and the seller agrees to p

lubasha [3.4K]

Answer:

$4,277.5

Explanation:

Given:

Selling cost of the house = $245,000

Percentage of commission = 3%

Amount of commission = 0.03 × $245,000 = $7,350

Now,

The salesperson is on a 65% commission schedule with her broker

This means that the salesperson will get only 65% of the amount of commission

thus,

Commission to paid = 0.65 × $7,350 = $4,777.5

The final amount received = Commission - office expenses

or

The final amount received = $4,777.5 - $500 = $4,277.5

4 0

3 years ago

How have the division and coordination of labor evolved at Merritt’s Bakery from its beginnings to today? 2. Describe how the sp

aniked [119]

Answer:

When Larry and Bobbie first opened the bakery, labour allocation was not as complicated, but only 2 of them were involved. Larry used to make the cupcakes, and Bobbie used to decorate them to create them seem nice. Merritt's then went on to commit and administer the firm instead of executing tasks, which they used to perform on a daily basis since there were administrators, sales associates, and marketers.

When the firm began to grow, there was a command structure in place, with employees reporting directly to Larry as well as Bobbie. Merritts began recruiting additional executives as the business's effectiveness began to deteriorate as the firm grew, and management was constricted. When new employees joined the leadership team only a few people used to notify Larry and Bobbie.

4 0

3 years ago