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SashulF [63]
4 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]4 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 Family Instruments makes cellos. During the past year, the company made 6,630 cellos even though the budget planned for o
Setler [38]

Answer:

Direct Labor rate Variance  $ 24840 Unfavorable

Labor Efficiency  Variance  $23520 favorable

Explanation:

Direct Labor rate Variance = Actual Hours * Actual Rate- Actual Hour * Standard Rate

Direct Labor rate Variance = 24840*15- 24840*14

                                                = 372600- 347760    

                                            = $ 24840 Unfavorable

Labor Efficiency  Variance =  Actual Hours * Standard Rate- Standard Hour * Standard Rate

Labor Efficiency  Variance =  24840*14- 4*6630*14

                                           =  24840*14- 26520*14

                                         = 347760 - 371280= $23520 favorable

7 0
3 years ago
Why should you save your files on a regular basis?
stich3 [128]

Answer:

in case if anything happens

4 0
3 years ago
Read 2 more answers
Choose and describe a business that you would expect to have highly liquid assets and share a photo of that business (or company
Slav-nsk [51]

Answer:

I have chosen Apple Inc.

Explanation:

Apple Inc is a tech giant and manufactures innovative and most differentiated telecommunication products, music products, computer products, application services, etc which is highly valued among its customers. That's the reason why Apple is one of the most highly valued company in the world with almost $137 billion cash balance. This cash balance has been increased by $20 billion in the last three years which shows its higher profitability and that its inventory is highly liquid asset because it is quickly converted into cash. Furthermore, the greater demand of product and customer loyalty has strengthen its position all because of unmatched innovation introduced in each of its product every year. The greater cash balance shows that the company has greater sales and has higher profit margin on its unmatched product.

The picture of Apple headquarter and of its logo are given below:

6 0
3 years ago
Suppose social security contributions rise by​ $1 billion while social security benefits also rise by​ $1 billion.​ Further, per
Nadya [2.5K]

Answer:

The answer will be A

Explanation:

As the social security contributions and benefits remain the same in proportion, personal and national income will remain the same.

As disposable income is defined as personal income-personal taxes, and the personal income taxes fall by 500 million (included in the contibutions), this would mean that the disposable income increases.

8 0
3 years ago
6. A radio station that carries news, features, and editorial opinions about
professor190 [17]

Answer:

B

Explanation:

Al part of communication

5 0
3 years ago
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