Answer:
$80 U
Explanation:
Flexible budget [$1,760 + ($10 × 624)]
$1,760+$6,240= $8,000
Planning budget [$1,760 + ($10 × 616)]
$1,760+$6,160= $7,920
Flexible budget-Planning budget= Activity variance
$8,000-$7,920=$80
Activity variance $80 U
Therefore the flexible budget is greater than the planning budget, the variance is unfavorable (U)
Answer:
very many, few
Explanation:
The monopolistic competition consists of many sellers offering differentiated products. There are minimal barriers to entry or exit of the industry. Advertising and marketing of products are high due to increased competition. No single firm has the power to set prices.
An oligopoly consists of few but large firms dominating a big market. There could be other smaller firms with a small percentage of the market share. Firms in an oligopoly market mat collaborate to look out new entrants. This market is characterized by heavy advertising, with firms offering either homogeneous or differentiated products. The objective of each firm is to maximize profits, which makes all the firm to set high prices.
Limited government licences that create a monopoly do so because a barrier to enter the market exists.
Monopoly can be established by the government by a form of integration or form naturally, it can preserve excess profit because barriers to entry prevent competitors from entering the market.