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nasty-shy [4]
4 years ago
10

Which statements describe characteristics of pure competition? Check all that apply.

Business
2 answers:
dimulka [17.4K]4 years ago
4 0
The characteristics that describe pure competition are:
- Many sellers involved in the competition and none of them had the power to influence the price.
- Buyers also couldn't influence the price.
- It is fairly easy to come and compete in the market
- The commodities that offered in the market are similar in type and price.
stich3 [128]4 years ago
3 0

Pure competition describes a market where their is a wide range of competitors selling the same products. Since they are all competing and selling the same products, they are directly competiting with each other all of the time. Pure competition is also known as perfect competition because it makes the market a perfect and pure competition.

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The price of gold increases by 200%. if the price elasticity of demand for gold is 0.4, what will happen in the market?
SCORPION-xisa [38]
I believe the answer will be that, the Gold sales will decrease by 80%. (200 × 0.4)
Price elasticity is a measure of the change in the quantity demanded or purchased of a product in relation to its price change. It is the percentage change in the quantity demanded of a good or a service divided by the percentage change in the price. 
That is; Price elasticity of demand = % change in quantity/% change in price
3 0
3 years ago
Which is true of​ price-setters? A. Their pricing approach emphasizes target costing. B. Their pricing approach emphasizes​ cost
olchik [2.2K]

Answer:

Option "B" is the correct answer to the following question.

Explanation:

Price-setters is a community or individual, who set a fair price for a particular commodity or product, these types of Individual or community has a higher quality of goods or product that gave him the ability to set his prices.

Other firms are called price taker who depend on the market price

Price-setters firms use a pricing approach.

5 0
4 years ago
Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 2
STALIN [3.7K]

Answer:

Credit to cash for $3,000

Explanation:

Based on the information given the appropiate the journal entry to record payment of this invoice after the discount period has expired is: CREDIT TO CASH FOR $3,000 which is calculated as (1/2*$6,000).

Credit to cash for $3,000

(To record payment of invoice after the discount period has expired)

6 0
3 years ago
Why is being a well-informed consumer important?
zzz [600]

Answer:

you are able to make better informed decisions

Explanation:

by being well informed on a product you are able to make decisions and see potential problems ahead of the actual problem

7 0
3 years ago
In 2016, Long Construction Corporation began construction work under a three-year contract. The contract price is $2,100,000. Lo
sergeinik [125]

Answer:

1. Cost of construction incurred

= Construction in progress - Income

= 150,000 - 25,000

= $125,000

2. Cash collected

= Billings - Accounts receivable

= 143,000 - 35,000

= $108,000

3. Estimated cost to complete;

= (Cost of construction incurred in 2016 * Contract price/Construction in progress) - Cost of construction incurred in 2016

= (125,000 * 2,100,000/150,000) - 125,000

= $1,625,000

4. Estimated percentage of completion used in 2016

= Cost of construction incurred in 2016 / (Cost of construction incurred in 2016 + Estimated cost to complete at end of 2016)

= 125,000 / ( 125,000 + 1,625,000)

= 125,000 / 1,750,000

= 0.0714

= 7.14%

3 0
4 years ago
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