Answer:
The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.
Answer:
$340,000
Explanation:
A sunk cost is a cost that has already been incurred and cannot be affected by any decision that someone makes. E.g. once you pay an expense like rent, the cost will not be recovered or altered by any decision that you make. Sunk costs is simply money that has been spent and cannot be recovered.
Answer:
Capital expenditures are typically one-time large purchases of fixed assets that will be used for revenue generation over a longer period while revenue expenditures are typically referred to as ongoing operating expenses, which are short-term expenses that are used in running the daily business operations.
Answer:
A grocery store in a perfectly competitive market can. reduce its advertising budget more than its competitors. differentiate its product with respect to other firms. ignore profit-maximizing strategies. freely enter or exit the market.
Answer:
$10.72
Explanation:
Calculation for How much is the cost per service
First step is to calculate the Total costs
Building Rent Expense $5,200
DepreciationExpense—Equipment 1,600
Supplies Expense 8,000
Utilities Expense 2,350
Total costs $17,150
Now let calculate the Cost per service using this formula
Cost per service = Total costs / Services
Let plug in the formula
Cost per service = $17,150 / 1,600
Cost per service = $10.72
Therefore the cost per service is $10.72
