If the graph represented a perfectly competitive industry, then the quantity of output produced would be 160 units.
<h3 /><h3>What is the quantity produced in a perfectly competitive industry?</h3>
Companies in any industry would try to maximize their profit by producing at a point where marginal revenue is the same as marginal cost.
This is the same in perfectly competitive industries like the ones shown in the graph.
The difference is that, in a perfect competition market, the demand curve is the same as the price which is also the same as the marginal revenue curve.
This means that the point of maximizing profit in a perfectly competitive industry is:
P = MR = MC
The point where the Marginal revenue curve intersects with the Marginal cost curve is 160 units as the marginal revenue curve is the demand curve.
In conclusion, the output would be 160 units.
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Answer:
$50 million
Explanation:
Given that,
Suppose the Federal Reserve increases bank reserves and banks lend out some of these reserves,
Amount of money available = $5 million
Reserve requirement ratio = 10 percent
Money multiplier:
= 1/ Reserve requirement ratio
= 1/ 0.10
= 10
Money can banks create if they lend out the remaining amount:
= Money multiplier × Amount of money
= 10 × $5 million
= $50 million
The answer is B.
Export subsidies are a mechanism for governments to increase exports and decrease domestic sales. There are a number of ways this can be achieved and one such way is to subsidize the domestic producers directly. Essentially export subsidies mean foreign importers pay less than domestic consumers, promoting exports.
Answer:
Explanation:
The adjusting entry is shown below:
On December 31
Supplies expense A/c Dr $6,660
To Supplies A/c $6,660
(Being supplies account is adjusted)
The supplies expense is computed by
= Supplies balance - supplies on hand
= $8,780 - $2,120
= $6,660
We simply debited the supplies expense account and credited the supplies account for $6,660
