Answer: Option (B) is correct.
Explanation:
The following events are mostly likely to occur:
(1) New firms will enter the market.
(3) In the long run, all firms will be producing at their efficient scale.
If in a perfectly competitive market, firms observing that there is an increase in the demand for the goods, as a result this will increase the price of the goods in the short run.
But, there are some new firms enter into the market. This will shift the supply curve rightwards as a result there is a reduction in the price level in the long run.
Hence, all the firms are producing at a efficient level of production in the long run.
Answer:
Multiply all goods, services, and structures produced inside our national boundaries in a 12-month period by their prices, then add them up
Explanation:
GDP is the total value of goods and services produced within the boundaries of a country within a specific period. GDP is a measure of a country's productivity. In calculating GDP, economists use finished goods and services to avoid double counting. All goods produced in the country are considered even if foreigners manufactured them.
Costs structures refer to components of fixed and variable costs that impact the success of a start-up. Without cost structures, many businesses will not take off. These costs include the cost of acquiring capital, expenses relating to business registration, and initial office expenses.
In calculating GDP, one has to consider the total value of goods and services produced plus the cost of structures. GDP is an indicator of growth or contraction in the economy.
B, due to management training
The first step that an investor should take before beginning to invest should be to establish investment objectives.
Answer:
the gross profit using the percentage-of-completion method is $3,552,000
Explanation:
The computation of the gross profit using the percentage-of-completion method is given below
= Contract Value × given percentage - total cost incurred
= $20,720,000 × $8,880,000 ÷ ($8,880,000 + $5,920,000) - $8,880,000
= $12,432,000 - $8,880,000
= $3,552,000
hence, the gross profit using the percentage-of-completion method is $3,552,000