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4 years ago

In a perfectly competitive market, the price of the product is

Business

1 answer:

Mkey [24]4 years ago

7 0

Answer:

b. set by market supply and demand.

Explanation:

A perfect competition is characterised by many buyers and sellers of homogenous goods and services. Because goods are homogenous and there are many buyers in the industry, sellers do not set the price for their goods and services. Prices are set by the market forces of demand and supply. This makes sellers price takers.

Other features of perfect competition are :

1. No barriers to entry or exit of firms

2. Firms make zero economic profit in the long run.

I hope my answer helps you.

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A rightward shift in the short-run aggregate supply curve will occur when:.

posledela

A rightward shift in the aggregate supply curve will occur when: there is a decrease in price input.

<h3>What is a supply curve?</h3>

A supply curve is a graphical representation of how the market would behave or move in there is a change in supply. It is a representation of the relationship between the quantity supplied for a given period of time and the prices of goods and services.

A rightward shift in the short run aggregate supply curve will then occur anytime there is a decrease in the price input.

Learn more about Supply Curve here:

brainly.com/question/26430220

4 0

3 years ago

If coal mine tonnage can be shipped elsewhere cheaply, but a coal-fired power plant adjacent to the mining operation is not rede

erik [133]

Answer:

vertical integration

Explanation:

The plant owners would have to adopt a vertically integrated organization because the plant is not redeployable to other uses and is dependent on the supply chain/complementary assets. Vertical integration occurs when an organization owns and controls it's distribution or supply chain in order to maximise profits and reduce costs or inefficiency. By controlling the supply chain, the chain of distribution of the coal mine tonnage can be improved in terms of efficiency and value in revenue.

7 0

3 years ago

A market demand curve shows Group of answer choices the sum of all prices that the individual buyers are willing and able to pay

Nutka1998 [239]

Answer:

the sum of all prices that the individual buyers are willing and able to pay for each possible quantity of the good.

Explanation:

Market demand refers to the sum of the individual demand for a commodity from all buyers in a given market.

A market demand curve is therefore a graph that shows the the sum of the individual demand for a commodity from all buyers in the market.

Therefore, the correction option is "the sum of all prices that the individual buyers are willing and able to pay for each possible quantity of the good".

Note that the market demand curve is a downward sloping curve due to the fact that there is a negative relationship between price and quantity demanded. That is, as price increases, the quantity demanded decreases. On the other hand, as price decreases, the quantity demanded increases.

Also note that an example of a market demand curve is given in the attached graph. From the graph, it can be seen that when price is $p_{0}$ , quantity demanded is $q_{0}$ . But when price falls to $p_{1}$ , quantity demanded increased to $q_{1}$ . This shows the negative relationship between price and quantity demanded as explained above.

6 0

3 years ago

Ways to improve a municipalities

Studentka2010 [4]

You can pray to God and he will help you

4 0

3 years ago

Read 2 more answers

On June 30, 20X1, a tornado damaged Jensen Corporation’s warehouse and factory, completely destroying the work-in-process invent

Andrej [43]

Answer:

$130,400

Explanation:

Raw material transferred to WIP = Beginning balance + Purchase - Closing balance = $41,000 + $150,000 - $87,000 = $104,000

Cost of Goods manufactured = Closing balance + Cost of goods sold - Beginning balance

Cost of Goods manufactured = $151,000 + $405,000*70% - $173,000 = $151,000 + $291,600 - $173,000

Cost of Goods manufactured = $269,000

Ending Work in Process = Beginning balance + Direct material + Direct labor - Manufacturing overheads - Cost of goods manufactured

Ending Work in Process = $128,000 + $104,000 + $112,000 + $112,000*50% - $269,600

Ending Work in Process = $128,000 + $104,000 + $112,000 + $56,000 - $269,600

Ending balance of Work in Process = $130,400

5 0

3 years ago