Pure competition or perfect competition is where all firms have full knowledge of what is going on in the market, where there is free flow of information between not only the producers, but also with the consumers.
As such, all firms have no dominant share of market power since each individual firm is able to produce the good of the same quality and quantity (factors of production are fluid, and no costs in transportation in this theory). And at the same time, consumers have full knowledge of the quality of good they are getting and hence no firm will be able to exploit the misinformation of a good for its own profits.
This builds up to the point of a perfectly elastic demand curve, where consumers know what amount and at which price point do they value the product at. And knowing for the fact that small individual firms in a purely competitive firm have no say over prices, they become the price takers for this kind of market. Thus where MB=MC, the equilibrium point is reached and it is also at the socially optimal level since all consumers have full knowledge of the pros and cons of consuming a product (hence no externalities).
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Answer:
$522,000
Explanation:
Given;
Cash proceeds on sale of land = $430,000
Cash proceeds on sale of equipment = $140,000
Purchase of treasury stock with cash = $53,000
Purchase of equipment with cash = $48,000
Issuance of common stock for cash = $70,000
To find the net cash provided by investing, the investing activities in the information given are; Cash proceeds on sale of land, Cash proceeds on sale of equipment, and Purchase of equipment with cash.
Purchase of treasury stock with cash and Issuance of common stock for cash are financing activities.
Net cash provided by investing activities = $430,000 + $140,000 - $48,000
= $522,000
The correct answer is $522,000 which is not a part of the options given.
Answer:
Labour rate variance
= (Standard rate - Actual rate) x Actual hours worked
= ($19 - $18) x 3,000 hours
= $3,000(U)
Actual rate = <u>Actual direct labour cost</u>
Actual direct labour hours worked
Actual rate = <u>$54,000</u>
3,000 hours
Actual rate = $18 per direct labour hour
Explanation:
Labour rate variance is the difference between standard rate and actual rate multiplied by actual direct labour hours worked. Actual direct labour hours worked is calculated as actual direct labour cost divided by actual direct labour hours worked.
Answer:
The correct answer is letter "A": Greet each group member as they arrive.
Explanation:
If arriving before prospective clients in a business meeting, the salesperson must show his manner and <em>greet every possible customer on their way in</em>. This will let them have an idea of what type of person they are dealing with and could represent a big opportunity to "break the ice" starting small talk.
