1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ZanzabumX [31]
3 years ago
5

Which statement is the best description of a price‑taker as it pertains to perfect competition?

Business
1 answer:
Nesterboy [21]3 years ago
8 0

Answer:

The correct answer is letter "A": Mary Beth grows cotton. She finds that she can always sell her entire crop at the market price. However, if she asks a price that is even slightly higher she cannot sell any of her cotton.

Explanation:

Perfect Competition is a market where competition is at the highest degree possible. Perfect competitive markets have the following characteristics:

  1. <em>All companies sell the same goods or services.  </em>
  2. <em>All companies are price takers.  </em>
  3. <em>All firms have relatively small market shares.  </em>
  4. <em>Buyers have full product and price information.  </em>
  5. <em>The industry is characterized by low or no barriers to entry and exit of the industry.</em>

<em />

Thus, <em>in Mary Beth's case, she cannot ask for a different price than the one of the market because in a perfectly competitive market it is controlled by supply and demand. Companies cannot set the price.</em>

You might be interested in
The number of U.S. households with access to the Internet is growing rapidly. Compared to 50 years ago, one would predict that w
valina [46]

Answer: The correct answer is "(C) more information because the Internet has lowered the cost of gathering information.".

Explanation: Internet access provides people with an innumerable amount of information very quickly so we can say that the cost of gathering information has decreased.

7 0
3 years ago
Breakin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll inform
alekssr [168]

Answer:

Gross pay:

  • consultant $4,000
  • computer programmer $3,300
  • administrator $2,800

Net pay:

  • consultant $2,767.98
  • computer programmer $2,295.48
  • administrator $1,993.98

Explanation:

                                           regular earnings     overtime    withholding  

                                                                                              allowances

Consultant                        $4,000 per week       N/A                2

Computer programmer          $60 per hour        1.5                  1

Administrator                          $50 per hour          2                  2

computer programmer worked 50 hours = ($60 x 40) + ($60 x 10 x 1.5) = $3,300

administrator worked 48 hours = ($50 x 40) + ($50 x 8 x 2) = $2,800

Social security taxes:

  • Consultant = 6% x $4,000 = $240                        
  • Computer programmer = 6% x $3,300 = $198        
  • Administrator = 6% x $2,800 = $168

Medicare taxes:

  • Consultant = 1.5% x $4,000 = $60                        
  • Computer programmer = 1.5% x $3,300 = $49.50        
  • Administrator = 1.5% x $2,800 = $42

Federal income taxes:

  • Consultant: amount subject to withholding = $4,000 - (2 x $75) = $3,850. Federal income taxes = $356.90 + [28% x ($3,850 - $1,796) = $932.02                        
  • Computer programmer = amount subject to withholding = $3,300 - (1 x $75) = $3,225. Federal income taxes = $356.90 + [28% x ($3,225 - $1,796) = $757.02            
  • Administrator = amount subject to withholding = $2,800 - (2 x $75) = $2,650. Federal income taxes = $356.90 + [28% x ($2,650 - $1,796) = $596.02  

Gross pay:

  • consultant $4,000
  • computer programmer $3,300
  • administrator $2,800

Net pay:

  • consultant $4,000 - ($240 + $60 + $932.02) = $2,767.98
  • computer programmer $3,300 - ($198 + $49.50 + $757.02) = $2,295.48
  • administrator $2,800 - ($168 + $42 + $596.02) = $1,993.98
6 0
4 years ago
Which best describes the exchange of currencies ?
Scorpion4ik [409]
The answer is D.  an exchange of currencies happens when you "trade" one currency for another, which can also be thought of buying one currency in the form of another currency.

So for example, if you were going to exchange the US Dollar for Mexican Pesos, the exchange rate is 1 USD to 17 MXN.  Therefore, to get 17 MXN, you need to pay 1 USD.

Does that make sense?
5 0
4 years ago
The minimum wage is an example of a Group of answer choices price ceiling. price door. price wall. price floor.
topjm [15]

Answer:

price floor

Explanation:

A price ceiling is a limit that is established by the government that determines the highest price that can be charged for a product or service.

A price floor is a control that is established by the government that determines the lowest price for a product or service.

According to this, the answer is that the minimum wage is an example of a price floor because it determines the minimum amount that a company can pay to a worker.

The other options are not right because a price ceiling establishes the highest price for a product and price door and price wall are not price controls.

8 0
3 years ago
What two things affect the percentage of federal taxes withheld from your paycheck?
jeka94
The Tax Cuts and Jobs Act changed the way tax is calculated.
For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. The information you give your employer on Form W–4.
6 0
3 years ago
Other questions:
  • If you choose between two summer jobs, what is the one you do not choose called?. A. trade-off . B. opportunity cost . C. decisi
    11·2 answers
  • Goods are typically tangible while ____ are typically intangible
    5·1 answer
  • Gloria buys crest thoothpaste because her mother always bought crest ofr her family when she was gorwing up. This is an example
    12·1 answer
  • eff, the owner of The Toy Box (a toy store), has chosen his products carefully. They are all handmade of wood; none are cheap ga
    10·1 answer
  • What are some disadvantages of making the decision to use a tiered service approach at Eligin Technology Products
    8·1 answer
  • Cadence calls are critical to a functioning CPFR relationship.
    7·1 answer
  • Using the information below compute the M1 money supply. Category Amount Currency and coin held by the public ​$600600 Checking
    5·1 answer
  • Dolan Company reports its income from investments under the equity method and recognized income of $25,000 from its investment i
    14·1 answer
  • A useful way of standardizing financial statements is to choose a ____ and then express each item relative to the _____.
    9·1 answer
  • Northern university wants to determine the average starting salary for last year's graduates of its college of business. what is
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!