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Elan Coil [88]
3 years ago
14

Suppose the wholesale market for corn is a perfectly competitive market, and all firms in the corn industry are profit-maximizin

g firms. Consider that the market is in short-run equilibrium. Which of the following statements are correctChoose one or more: A. All firms selling corn must have the same marginal cost, regardless of each firm's cost structure. B. Firms that choose not to sell in this market must be earning exactly zero profit. C. Total costs for each firm in the market may be different. D. All firms in the market must be making either positive profits, or exactly zero profit. E. All firms in the market must be earning identical profits.
Business
1 answer:
Ainat [17]3 years ago
7 0

Answer:

Therefore option A is correct.

All firms selling corn must have the same MC regardless of each firms cost structure

Explanation:

In the perfectly competitive market, for profit maximization we set P = MC

In the perfectly competitive market, firms are price taker so demand curve is same for every firm and price is same too, so MC must be same for every firm

Therefore option A is correct ie. all firms selling corn must have the same MC regardless of each firms cost structure.

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What term defines the prescribed forms and practices of appropriate behavior?.
Anastaziya [24]

The term that defines the prescribed forms and practices of appropriate behavior is called etiquette.

<h3>What is etiquette?</h3>

Etiquette are behavior expected to be complied with people. It means acceptable standard of behavior in the society.

Hence, the term that defines the prescribed forms and practices of appropriate behavior is called etiquette.

Learn more about etiquette here : brainly.com/question/5718637

#SPJ1

4 0
1 year ago
Mobile Homes reported the following in its financial statements for the year ended December​ 31, ​: 2018 2017 Income Statement N
kirill [66]

Answer:

Mobile Homes

Computation of:

1. Collections from customers

Beginning Accounts Receivable    $615

Net Sales                                       25,118

Less ending accounts receivable    798

Collections from customers   $24,935

2. Payments for merchandise inventory

Beginning Accounts Payable    1,364

Purchases                                18,725

Ending Accounts payable         1,547

Payments                             $18,542

3. Payments of other operating expenses:

Accrued liabilities:

beginning                      851

Operating expenses 4,632

Less ending                  938

Cash payments        4,545

4. Acquisition of property plant and equipment:

Beginning cost = $4,622

Ending cost =       $3,671

Acquisition =         $951

5. Amount of borrowing with:

a) Long-term liabilities:

Ending        $477

Beginning  $461

Borrowing    $16

b) A-one paying no long term liabilities:

Accrued Liabilities:

Ending        $938

Beginning   $851

Borrowing    $87

6. Payment of cash dividends:

Retained Earnings $3,784

Net Income                1,611

Total available       $5,395

Retained earnings  (5,021)

Dividends paid        $374          

Explanation:

a) Data and Calculations:

Mobile Homes Financial Statements for the years ended December​ 31:

                                               2018             2017

Income Statement

Net Sales Revenue              $ 25,118      $ 21,893

Cost of Goods Sold                18,074          15,501

Depreciation Expense                271              234

Other Operating Expenses    4,632           4,277

Income Tax Expense                530              482

Net Income                             $ 1,611           1,399

                                               2018             2017

Balance Sheet

Cash                                          21                 19

Accounts Receivable             798              615

Merchandise Inventory       3,483          2,832

Property, Plant, and

Equipment, net                   4,351          3,437

Accounts Payable                1,547          1,364

Accrued Liabilities                 938             851

Long-term Liabilities              477             461

Common Stock, no par         670             443

Retained Earnings              5,021           3,784

Property, plant, and equipment:

PPE net          4,351          3,437

Depreciation     271            234

Cost               4,622         3,671

Purchases:

Ending inventory        3,483

Cost of goods sold   18,074

Beginning inventory (2,832)

Purchases                 18,725

6 0
3 years ago
Both Smith and Ricardo believed that, in a competitive market, product prices reflect Multiple Choice the combined costs of many
stiks02 [169]

Both Smith and Ricardo believed that, in a competitive market, product prices reflect "the cost of labor necessary to produce the products".

<u>Answer:</u> Option D

<u>Explanation:</u>

When there are a lot of manufacturers competing to provide the goods and services required for consumers, this is understood as "a competitive market". No single producer or customer can specify the market within a competitive market. It shares five traits: gain, diminishability, rivalry, exclusion, and rejectability. The wheat market is often drawn as an instance of a competitive market, as there are many manufacturers, and by increasing or decreasing its output, no single producer can impact the market price.

6 0
3 years ago
Benitez Company currently outsources a relay switch that is a component in one of its products. The switches cost $26 each. The
love history [14]

Answer:

Total cost is  253,800 $ and cost per unit is 31.725 $.

Explanation:

Material (8000 X 6)                                                    48000

Labor     (8000 X 5)                                                    40000

Factory OH ( 8000 X 4)                                              32000

Salaries                                                                         42000

Set up cost                                                                   34000

Facility level cost                                                         <u> 29000</u>

Total Manufacturing Cost                                           <u>225000</u>

Opportunity Cost ( 2400 X 12)                                     28800

Total Relevant Cost                                                      $<u>253,800</u>

<u>Cost / Unit (253800/8000)</u><em>                                     $  31.725/ unit. </em>

7 0
2 years ago
"In a distributed system, there is a high level of cooperation and sharing of actions and data maintained by the sites when dete
Arte-miy333 [17]

Answer: Exchanging the messages between site operating systems

Explanation:

 The distributed system is one of the type of computing system in which the various types of multiple elements are basically located on the machines that are specifically used for the communication purpose and this distributed system is basically appear to the user in the form of single system.

According to the given question, the given process is basically accomplished by exchanging the different types of messages between the site OS (Operating system).

 In the given distributed system, the data and the cooperation action is highly maintain by the sites while determining the loaded process. Therefore, The given answer is correct.  

8 0
2 years ago
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