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dusya [7]
3 years ago
6

Several firms are operating in a market where they take the other firms' response to their actions into account. This market is

Business
1 answer:
Gnesinka [82]3 years ago
8 0

Answer: An Oligopolistic market.

Explanation:

An Oligopolistic market is a market where they are very few supplies of a product and as such they charge higher prices due to the reduced competition.

In such a market the firms have to be very mindful of how their actions will impact that of their competitors because with such few competitors, they could easily lose customers if another oligopoly decides to change prices for instance.

They generally avoid doing so though because a price change by one will lead to a price change by others which would end up reducing the total amount that each firm makes as the prices will usually go downwards not up unless they collude.

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M purchases a $70,000 Life Insurance Policy with premium payments of $550 a year for the first 5 years. At the beginning of the
MaRussiya [10]
<span>This is a modified premium life insurance policy. In this case, the premium (the price paid for the insurance during each time period) is fixed for a specific frame (at rates that are usually lower than average), but then (usually) increases after a certain number of months or years to a rate greater than the average.</span>
8 0
3 years ago
Homer has decided to buy a trampoline. the trampoline costs $2000.00. he borrows the money from the springfield bank at an inter
Elodia [21]
Finance Charge = Balance x Interest rates

Since Philip has passed the full year since the initial credit, we use the full 19% for the calculation.

So, the finance charge is:

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3 years ago
(consider this) consumers might leave a fast-food restaurant without being served because:
Liula [17]
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4 0
3 years ago
Suppose the price of gasoline decreases from $4.20 to $2.00, and in response quantity demanded increases from 10600 to 11200. Us
Tems11 [23]

Answer:

0.079

Explanation:

Price elasticity of demand using midpoint formula can be calculated as follows

Formula

Elasticity of demand = (change in quantity/average quantity)/(change in price/average price)

Calculation

Elasticity of demand = (600/10,900)/(-2.1/3.05)

Elasticity of demand =-0.055 / -0.688

Elasticity of demand =-0.079

working

Change in price (2-4.1) = -2.1  

Average price (2+4.1)/2=3.05

Change in quantity (11,200-10600) = 600

average quantity (11,200+10,600)/2 = 10,900

 

The elasticity of demand is inelastic as the elasticity is below 1.

4 0
3 years ago
Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible.
kogti [31]

Answer: Please see the required journals below:

Mar. 17:

Debit Allowance for doubtful accounts $1,000

Credit Accounts receivable $1,000

July 29:

Debit Cash $1,000

Credit Bad debt recovery (income statement) $1,000

Explanation: On March 17, when $275 was received from Shawn and the remaining balance of $1,000 was written off, the allowance for doubtful accounts has to be debited since the company adopts the allowance method of accounting for uncollectible receivables. Note that the allowance account would have the required buffer to take care of this debit. Similarly, when the recovery was made, cash would be debited then the credit would default to income statement.

3 0
3 years ago
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