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Monica [59]
3 years ago
9

Producers are driven by

Business
1 answer:
Reil [10]3 years ago
5 0
The correct answer is option c)

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An important similarity between a monopolistically competitive firm and a purely competitive firm is that:_________-a. realize a
marusya05 [52]

Answer:

a. realize an economic profit in the long run.

Explanation:

A monopoly is a market structure which is typically characterized by a single-seller who sells a unique product in the market by dominance. Thus, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes. Any individual that deals with the sales of unique products in a monopolistic market is generally referred to as a monopolist.

Hence, one of the ways in which some monopolistic competitors try to become more like monopolists is through the use of designer labels.

This ultimately implies that, when there are barriers to entry it may result in monopolistic competition among the sellers of goods having no close substitutes. These barriers consist of economies of scale, network externalities, copyright law, trademark, patent, governmental policies etc.

In a purely competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Hence, a purely competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

An important similarity between a monopolistically competitive firm and a purely competitive firm is that realize an economic profit in the long run and these profits tends toward zero as both firms continue in the market.

6 0
3 years ago
An increase in the price of maple syrup will decrease both the equilibrium price and quantity in the market for pancakes.
Svetllana [295]
<span>An increase in the price of maple syrup will decrease both the equilibrium price and quantity in the market for pancakes. True

</span>
6 0
3 years ago
The marginal cost of producing 40 units of a public good is $200. There are two individuals in the society. Person A is willing
Tju [1.3M]

Answer:

$120

<u>Explanation</u>:

Yes Person B must be willing to pay an amount that would cover the marginal cost of the product.

Remember, the marginal cost is the cost per unit of a product not the sales cost. Therefore, the total value paid should cover the marginal cost.

6 0
3 years ago
Read 2 more answers
The cost of a new machine is $250,000.
aksik [14]

Answer:

Initial outlay = $250,000

Annual cash inflow = 25% x $250,000 = $62,500 per annum

Payback period = <u>Initial outlay</u>

                             Annual cash inflow

                          = <u>$250,000</u>

                             $62,500

                          = 4 years

Explanation:

In this respect, there is need to calculate the annual cash inflow, which is 25% of initial outlay. Then, we will divide the initial outlay by the annual cashflow. This gives the payback period of the machine.

5 0
3 years ago
A company has current ratio 2.7:1 and liquid ratio 1.8:1 Total liabilities are 22500 the find the value of current assets
Schach [20]

Answer:

The value of current assets are 60,750.

Explanation:

This can be calculated using the current ratio formula as follows:

Current ratio = Current assets / Current liabilities .............. (1)

Where;

Current ratio = 2.7

Current assets  = ?

Current liabilities = Total liabilities = 22500

Substituting the values into equation (1) and solve for Current assets, we have:

2.7 = Current assets / 22500

Current assets = 2.7 * 22500

Current assets = 60,750

Note:

It should be noted that in Accounting when no information is given about Non-current liabilities, it indicates that current liabilities are to Total liabilities .

6 0
2 years ago
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