The _____________ person to speak, usually loses.

In the short run, a perfectly competitive firm should shut down whenever minimum average variable cost exceeds price minimum ave

Pepsi [2]

Answer:

A. minimum average variable cost exceeds price.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

Hence, a perfectly competitive market is characterized by the following features;

1. Perfect information.

2. No barriers, it is typically free.

3. Equilibrium price and quantity.

4. Many buyers and sellers.

5. Homogeneous products.

Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market

In the short run, a perfectly competitive firm should shut down whenever minimum average variable cost exceeds price.

However, the firms always strive to maximize profits by increasing their level of output, such that P = MC. Also, the firms wouldn't be willing to leave or enter into the market because they are not making any profit, such that P=AC.

6 0

3 years ago

Let’s say a company that makes a consumer product such as laundry detergent asks customers to write a positive review about the

torisob [31]

A company that makes a consumer product such as laundry detergent asks customers to write a positive review about the product in exchange for a small chance of winning a $1 discount coupon.<u>The cognitive dissonance theory predict that the attitude of the customer toward the product will become Positive</u>

Explanation:

Cognitive dissonance theory talks about a state of an individuals mind in which their exist a conflict between the attitudes, beliefs or behavior of an individual,which produces a feeling of mental stress.

As per the cognitive dissonance theory Whenever there is an disharmony between our attitudes or behavior , we should make effort to eliminate the dissonance.

In the above question the company has made an effort to remove the dissonance among its customers by giving them a small chance of winning a $1 discount coupon.Thus resulting in a positive change in the attitude of the customer.

5 0

3 years ago

You have been elected to the governing board of your church. At the first meeting you attend, mention is made of building a new

tigry1 [53]

Answer:

1. Cash in hand and at bank balance

2. Is there land and buildings available

3. Are there any accumulated debt owed by the church

4. Collections or record of church document.

Explanation:

1. Cash in hand and at bank balance. This an example of a current asset. The first question is how much does the church have as cash and bank balance. The reason is to ascertain whether the fund will be sufficient for the new building project.

2. Land and Buildings availability. This is a fixed asset. The board would enquire whether there is an already existing building or land with which to begin the building project.

3. Debt or loan owed by the church. Loan forms part of liability in a balance sheet. Another question to be asked is whether the church is indebted to a bank or financial institution. This will determine whether or not to continue with the building project.

4. Record of church document. Does the church have any existing document with which to support the new building? This is pertinent as to begin or abandon the plan to build a new church.

3 0

3 years ago

Three major segments of the transportation industry are motor carriers, such as YRC Worldwide; railroads, such as Union Pacific;

Usimov [2.4K]

Answer:

The assets turnover for the three companies are as follows:

YRC Worldwide Union 1.54

Pacific C.H. 0.40

Robinson Worldwide Inc 4.84

Asset turnover implies how much sales generated by an organization from $1 of asset deployed to the business.

Judging from the above,Robinson Worldwide Inc was the most effective in using its assets to generate sales.It generated $4.84 in sales for every $1 of asset used.

Explanation:

YRC Worldwide Union Pacific C.H. Robinson Worldwide Inc

Asset turnover=net sales/average total assets

Sales 4,334,640.00 16,965,000.00 9,274,305.00

Average Total Assets 2,812,504.00 42,636,000.00 1,914,974.00

Asset turnover=net sales/average total assets

1.54 0.40 4.84

8 0

4 years ago

Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the all

svp [43]

Answer:

Accounts Receivables 19900 debit

Sales Revenues 19900 credit

--to record sale--

COGS 14300 debit

Inventory 14300 credit

--to record COGS of the previous sale--

Cash 4,200 debit

Accounts Receivables 4,200 credit

--to record colelction from Beijing Palace Co--

Allowance for doubtful accounts 15,700 debit

Accounts Receivables 15,700 credit

--to record the write-off using allowance method--

Accounts Receivables 15,700 debit

Allowance for doubtful accounts 15,700 credit

--to record reversal when payment is received--

Cash 15,700 debit

Accounts receivables 15,700 credit

--to record collection from Beijing Palace Co--

Explanation:

We write-off the blaance of the account

19,900 - 4,200 = 15,700

Then, we have to reverse the entry to nulify it. Then we record the colelction like any other.

4 0

3 years ago