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MArishka [77]
3 years ago
5

In the restaurant industry, a large number of restaurants cater to similar customer needs. However, each restaurant makes its pr

oduct unique by offering a different cuisine, a different ambience, organic ingredients, or different services like home delivery. This differentiation allows each restaurant to set its own prices. Thus, the restaurant industry best illustrates a(n)a. perfectly competitive structure.b. monopolistically competitive structure.c. monogopoly.d. oligopoly.
Business
1 answer:
netineya [11]3 years ago
6 0

Answer: Option B

Explanation: Monopolistically competitive structure refers to a market structure depicting a combination of monopoly and perfect competition. In such markets there are large number of small sellers but due to minor differences in product, different firms can charge different prices.

In the given case, also different restaurants are charging different prices due to their different service offerings.

Thus, from the above we can conclude that the restaurant best illustrates monopolistically competitive structure.

You might be interested in
Year Nominal GDP Real GDP GDP Deflator (Dollars) (Base year 2016, dollars) 2016 2017 2018 From 2017 to 2018, nominal GDP , and r
FromTheMoon [43]

Answer:

Explanation:

The Real GDP is defined as the Nominal GDP minus the inflation effect.

Real GDP provides a more accurate picture of economic growth than nominal GDP because it uses constant prices, making comparisons between years more meaningful by allowing for comparisons of the actual volume of goods and services without considering inflation.

Let's say you bought apples at 5dollars per pound in 2015. Imagining a country of 1000 people and considering everyone bought a pound apples and only apples in that year, the GDP comes out to be 1000*5 = 5000 dollars.

Now let's say inflation rate is 10 percent in 2016 which will increase the price to 5.5 dollars per pound. Also, in one year, 10 more people were added to the country (No of births - No of deaths = New people in that year), this brings out total population to around 1010.

Also, let's say that the sale of apples remained the same, so the GDP of 2016 comes out to be 1000*5.5 = 5500 dollars.

That's a whooping 10% increase in GDP, right?

But here the catch.

The GDP increased not because the demand increased, but because the price of the good increased.

If we see at previous year's price (Not considering the inflation, also called Real GDP), the GDP is same which is 5000 dollars.

So, in reality, there isn't any increase in GDP.

6 0
3 years ago
True or false, general revenue sharing grants give states the most discretion as to how to spend the money.
ioda
I think the answer is true although i'm not sure. please go back to your lesson and check, everything says there. I'm guessing you are home-schooled so just go through the lesson while doing the test, this way you will know for sure that you got everything right.
8 0
3 years ago
During 2021, Sysco Corp. had 950,000 shares of common stock and 100,000 shares of 7% preferred stock outstanding. The preferred
solong [7]

Answer:

c. $6.03

Explanation:

<u>Earnings available to common shareholders</u>

Net Income                                                             $6,000,000

Less: Preference dividend                                     <u>$200,000   </u>

Net Income available to common shareholders  <u>$5,800,000</u>

<u />

Number of Common shares = 950,000

Equivalent common shares for convertible 5% Bonds = 10,450. [Number of bonds = 2,100,000/1,000 = 2,100 shares. Equivalent common shares = 2,100 * 5 = 10,500 shares]

Weighted average number of common shares outstanding = 950,000 + 10,500 = 960,500

Earnings per share = Earnings available to common shareholders / Weighted average number of common shares outstanding

Earnings per share = $5,800,000 / 960,500

Earnings per share = 6.038521603331598

Earnings per share = $6.04

8 0
3 years ago
A famous quarterback just signed a contract for $16 mil, providing $3.6 million a year for 4 years. A less famous receiver signe
Damm [24]

Answer:

The PV of the famous quarterback is $11,662,991.56, while the PV of less famous receiver is $12,719,159.63.

Explanation:

Present value (PV) refers to the valuation date value of a stream of income expected to be received in the future.

The PV for each of the two contracts can calculated by using the interest rate of 9%% (i.e. 0.12) as the discounting factor (r) to calculate the PV for each year. The discounting formula to use is (1+r)^n where n represents each relevant year. The calculations are done as follows:

1. For a famous quarterback

Step 1. Calculation of the PV for year

Year 1 PV = $3,600,000 ÷ (1.09)^1 = $3,302,752.29  

Year 2 PV = $3,600,000 ÷ (1.09)^2 =  $3,030,047.98  

Year 3 PV = $3,600,000 ÷ (1.09)^3 = $2,779,860.53

Year 4 PV = $3,600,000 ÷ (1.09)^4 = $2,550,330.76  

Step 2. Calculation of the total PV

This is obtained by adding the PVs of year 1 - 4 calculated above, and this is equal to $11,662,991.56.

2. For a less famous receiver

Step 1. Calculation of the PV for year

Year 1 PV = $3,000,000 ÷ (1.09)^1 = $2,752,293.58  

Year 2 PV = $3,000,000 ÷ (1.09)^2 =  $2,525,039.98  

Year 3 PV = $3,000,000 ÷ (1.09)^3 = $2,316,550.44  

Year 4 PV = $3,000,000 ÷ (1.09)^4 = $2,125,275.63  

Step 2. Calculation of the total PV

This is obtained by adding the PVs of year 1 - 4 calculated above, and this is equal to $9,719,159.63.

In addition, the $3,000,000 is to receive now is added to the $9,719,159.63 as follows:

PV of less famous receiver = $9,719,159.63 + $3,000,000

                                             = $12,719,159.63

Conclusion

Therefore, the PV of the famous quarterback is $11,662,991.56, while the PV of less famous receiver is $12,719,159.63.

5 0
3 years ago
In an Oligopoly industry a change in price by one firm will _____ impact the other firms in the industry.
FrozenT [24]

Answer:

The answer is significantly.

Explanation:

Oligopoly is a market situation in which there are few sellers, selling similar goods and services and many buyers. The barriers to entry in this market in high. Example of a oligopoly market is OPEC.

The competition amongst the few sellers is high because they are selling the same thing and a change in price by one firm will significantly affect other firms in the industry. For example, if a firm reduces the price of its goods, this creates a price war and other firms to start reducing their price to match the lower price. And if another firm increases its price, consumers will switch to competitors

3 0
3 years ago
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