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faltersainse [42]
3 years ago
5

AgCo sells corn in a perfectly competitive market. Say the current market price for a bushel of corn is $4.00. If AgCo prices at

$4.10 per bushel for its corn, a. AgCo will sell less corn than other producers but still earn a reasonable profit. b. AgCo will sell no bushels of corn. c. AgCo's total revenue will increase. d. AgCo will maximize profit at that price.
Business
1 answer:
nordsb [41]3 years ago
6 0

Answer:

b. AgCo will sell no bushels of corn.

Explanation:

A perfectly competitive market refers to market has many buyers and sellers will all the market selling the undifferentiated product without any difference.

Some of the others attributes of a perfectly competitive market are that buyers and sellers have perfect information about the price of a good,  no barriers to entry and exit, similar products are being sold, there are free entry and exit to the market, and all sellers are price takers.

All sellers are price takers implies that the price of good is determined or given by the market. Therefore, any attempt to increase the price beyond the price given by the market will result into a zero sale because the buyers will immediately switch to another seller selling at the market price which lower.

Based on the above explanation, AgCo will sell no bushels of corn because its prices at $4.10 per bushel for its corn is higher than the current market price for a bushel of corn of $4.00.

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Answer:

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Explanation:

current liabilities: obligations that will setlte within a one-year period

<em />

<em>accounts payable</em> from the purchase of equipment:

cost:          176,500

paid:      <u>  (125,900)  </u>

balance:    50,600

<em />

<em>waranty liaiblity:</em>

191,000 x 5% = 9,550

<em>sales tax payable:</em>

sales for     191,000

paid for   <u>  (141,000)  </u>

unpaid for  50,000 x 6% = 3,000

<em>note payable</em> with a local bank:

principal:   21,500

accrued interest: 21,500 x 5% x 1/3 = 358,33

net:   21,858.33

<u>Total current liabilities:</u>

accounts payables 50,600

warrant liability:        9,550

sales tax payable:    3,000

note payable:     <u>    21,858.33   </u>

                             85.008,33‬

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Explanation:

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