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SashulF [63]
3 years ago
10

The market for pizza is perfectly competitive and has​ 1,000 firms. Each firm is identical. Describe each firm in​ long-run equi

librium. In​ long-run equilibrium, each firm is​ _______.
A. just covering total variable cost
B. incurring an economic loss
C. making positive economic profit
D. making zero economic profit
Business
1 answer:
Stolb23 [73]3 years ago
8 0

Answer:

The correct answer is option D.

Explanation:

In a perfectly competitive market, firms can have positive economic profits only in the short run. In the long run, though, the firms can enter and exit the market, so if some firms among the 1,000 are having profits, it will attract potential firms to join the market.  

This causes the market supply to increase. This increase in supply reduces prices and profits.  

Similarly, if some of the firms among 1,000 are having losses in the short run, then in the long run, the firms incurring losses exit the market. This reduces market supply and thus increases price and profits.  

This process continues until all the firms are having zero economic profits.

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Oriole Company issues $200,000, 20-year, 9% bonds at 104. Prepare the journal entry to record the sale of these bonds on June 1,
user100 [1]

Answer:

Dr Cash $208,000

Cr Bonds payable $200,000

Cr Premium on bonds payable $8,000

Explanation:

Preparation of the journal entry to record the sale of these bonds on June 1,

Based on the information given we were told that the company issues the amount of $200,000 at 104 which means the that the journal entry to record the sale of these bonds on June 1 will be:

Dr Cash $208,000

(2,000 × $104)

Cr Bonds payable $200,000

(2,000 × $100)

Cr Premium on bonds payable $8,000

(2,000 ×$4)

Note:-

$200,000/100 =$2,000

3 0
3 years ago
You currently owe $20,000 on a car loan at 8.25 percent interest. If you make monthly payments of $596.59 per month, how long (i
abruzzese [7]

Answer:

The answer is: 36.2 months

Explanation:

First, let us calculate the total amount to be repaid after interest has been added.

interest = 8.25% = 0.0825

interest in amount = 0.0825 × 20,000 = $1,650

Total amount to be repaid = Original amount + interest

= 20,000 + 1,650 = $21,650

Next, we are told that the repayment is made monthly at $596.59 per month, therefore number of months required to pay $21,650;

$596.59 = 1 month

∴ $21,650 = 21,650 ÷ 596.59 = 36.28 = 36.3 months ( to one decimal place)

7 0
2 years ago
a report made to the U.S. Congress in 2001, the National Academy of Sciences cautioned that if fuel economy encourages the produ
kakasveta [241]

Answer:

there is a tradeoff between safety and fuel economy

Explanation:

Tradeoff is also known as opportunity cost. It is the cost of the next best option forgone when one alternative is chosen over other alternatives

By choosing fuel economy, auto manufacturers are reducing safety of cars. This is an example of a tradeoff

6 0
2 years ago
The inspection of meat delivered from chicago to new york is the responsibility of
Misha Larkins [42]
The United States president Donald trump
6 0
3 years ago
Home of Households, Inc., has an appliance manufacturing plant in the Chicago area. The company specializes in producing smaller
Blizzard [7]

Answer:

The correct option is C

Explanation:

As company is producing or manufacturing in the area Chicago and produce or make the dryers and small washers for countries where the consumers have less living space. So, it participates in the global market by exporting. As exporting refers to exporting or transfer the goods to another country as they are produced in another country.

7 0
3 years ago
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