All categories

3 years ago

Both buyers and sellers are price takers in a perfectly competitive market because

Business

1 answer:

Paladinen [302]3 years ago

7 0

Answer:

The price is determined by government intervention and dictated to buyers anti sellers each buyer and teller knows it it illegal to conspire to affect price.

Explanation:

A perfectly competitive firm is a price taker, which implies that it must acknowledge the equilibrium price at which it sells products. In the event that a perfectly competitive firm attempts to charge even a modest sum more than the market price, it will be not able make any sales.

You might be interested in

if barbara falcon invests $16,751.84 now and she will receive $30,000 at the end of 10 years, what annual rate of interest will

Crank

9% of annual rate of interest will she be earning on her investment .The price of borrowing money is reflected in the interest rate on a credit card.

<h3>What is annual rate interest ?</h3>

The price of borrowing money is reflected in the interest rate on a credit card. We utilize the annual percentage rate for this (APR). On the majority of credit cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date.

The term annual percentage rate of charge refers to the interest rate for an entire year rather than just a monthly fee or rate as applied on a loan, mortgage loan, credit card, etc. It can also be referred to as a nominal APR or an effective APR. It is an annual rate of a finance charge.

To learn more about annual rate of interest refer to:

brainly.com/question/15728540

#SPJ4

4 0

1 year ago

What is the term that describes a company's ability to maintain and gain market share in its industry?

FromTheMoon [43]

Competitiveness A company's ability to maintain and gain market share in its industry.

<h3>What is Competitiveness ?</h3>

Competitiveness is defined as an organization's capacity to execute its objective more successfully than competitor organizations' goods. The law of supply and demand tends to balance markets.

In the instance of business competitiveness, we can describe it as an organization's capacity to provide goods or services with a favorable quality-price ratio that ensures strong profitability while gaining client preference over competitors. Competitiveness ensures the company's long-term viability.

Competitiveness, as a motivator that motivates people to work hard, promotes personal development. Because such people do not want to be left behind in competition, they have an inner drive to study more, work more, and always improve on what they know or have.

To know more about Competitiveness follow the link:

brainly.com/question/26491505

#SPJ4

8 0

2 years ago

Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to

gregori [183]

Answer:

See solution below

Explanation:

• Predetermined overhead rate for Department D

= Estimated Manufacturing overhead / Estimated Direct labor cost

Manufacturing overhead = 990,000

Direct labor cost = 1,237,500

= (990,000/1,237,500) × 100

= 0.8 × 100

= 80%

• Predetermined overhead rate for department E

= Estimated Manufacturing overheads/Estimated Direct labor hours

Manufacturing overheads = 1,750,000

Direct labor hours = 125,000

= 1,750,000/125,000

= $14 per labor hour

• Predetermined overhead rate for department K

= Estimated Manufacturing overheads/Estimated Machine hours

Manufacturing overheads = 1,080,000

Machine hours = 120,000

= 1,080,000/120,000

= $9 per machine hour

5 0

3 years ago

Define a stock market bubble, explain what causes a bubble, and describe what happens after a bubble

Brilliant_brown [7]

Stock market bubble means the increase in price of the shares traded and which falls after a point.

<u>Explanation:</u>

The bubble in the stock market is caused by the quick rise in the price in a very small period of time. The price starts falling which will be a stock market bubble burst after a significant rise in price to a value below the starting price.

The bubble takes place when the investors overestimate the share or misjudge the future of that industry. Stock market bubble affects the entire share markets or any one particular industry.

8 0

3 years ago

The short-run market supply curve shows the quantity supplied by all the firms in the market at each price when _____. A. the

boyakko [2]

Answer:

The correct option is B

Explanation:

The short-run supply curve is the curve which shows or represent the marginal cost curve portion and that lies or stated above the average variable cost curve.

And when the prices of market increases, then the firm or organization will supply more of its products as per the law of supply.

So, the short-run supply curve represents the supplied quantity through all the firms in the market at each price but when every firm will plant and the number of firms will remain the same.

8 0

3 years ago

Read 2 more answers