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nataly862011 [7]
3 years ago
11

Which best states the main difference between a monopoly and pure competition?

Business
2 answers:
Dennis_Churaev [7]3 years ago
8 0

Answer:

Monopoly involves no competition at all while pure competition involves high competition

Explanation:

Brut [27]3 years ago
3 0
When you have a monopoly you have a product or service on the market with no competition. On the flip side, in a pure or perfect competition there are various competitors selling the same product or service as you. The main difference between these two are that a monopoly involves no competition at all while a pure competition involves a high level of competition. (the first choice)

The second choice is incorrect because it is harder to establish a product in a pure competition market because you are competing with other companies. 

The third choice is incorrect because a monopoly refers to a company with a product or service and no competition whereas a pure competition refers to one with the same products or services. 

The forth choice is incorrect because they can be present in various economy structures.

You might be interested in
A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6;
morpeh [17]

Answer:

a. Inventory is sold for $608,400.

gain on sale of inventory = $608,400 - $537,600 = $70,800

allocation of gain:

Kendra 1/2 x $70,800 = $35,400

Cogley 1/3 x $70,800 = $23,600

Mei 1/6 x $70,800 = $11,800

Dr Cash 608,400

    Cr Inventory 537,600

    Cr Gain on sale of inventory 70,800

Dr Gain on sale of inventory 70,800

    Cr Kendra, capital 35,400

    Cr Cogley, capital 23,600

    Cr Mei, capital 11,800

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Kendra, capital 112,100

Dr Cogley, capital 196,175

Dr Mei, capital 146,025

    Cr Cash 454,300

b. Inventory is sold for $469,200.

loss on sale of inventory = $469,200 - $537,600 = -$69,400

allocation of loss:

Kendra 1/2 x $68,400 = $34,200

Cogley 1/3 x $68,400 = $22,800

Mei 1/6 x $68,400 = $11,400

Dr Cash 469,200

Dr Loss on sale of inventory 68,400

    Cr Inventory 537,600

 

Dr Kendra, capital 34,300

Dr Cogley, capital 22,800

Dr Mei, capital 11,400

    Dr Loss on sale of inventory 68,400

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Kendra, capital 42,400

Dr Cogley, capital 149,775

Dr Mei, capital 122,825

    Dr Cash 315,100

c) c. Inventory is sold for $358,800 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $358,800 - $537,600 = -$178,800

allocation of loss:

Kendra 1/2 x $178,800 = $89,400

Cogley 1/3 x $178,800 = $59,600

Mei 1/6 x $178,800 = $29,800

Dr Cash 358,800

Dr Loss on sale of inventory 178,800

    Cr Inventory 537,600

 

Dr Kendra, capital 89,400

Dr Cogley, capital 59,600

Dr Mei, capital 29,800

    Dr Loss on sale of inventory 178,800

Dr Cash 12,700

    Cr Kendra, capital 12,700

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Cogley, capital 112,975

Dr Mei, capital 104,425

    Dr Cash 217,400

   

d. Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.

loss on sale of inventory = $298,800 - $537,600 = -$238,800

allocation of loss:

Kendra 1/2 x $238,800 = $119,400

Cogley 1/3 x $238,800 = $79,600

Mei 1/6 x $238,800 = $39,800

Dr Cash 298,800

Dr Loss on sale of inventory 238,800

    Cr Inventory 537,600

 

Dr Kendra, capital 119,400

Dr Cogley, capital 79,600

Dr Mei, capital 39,800

    Dr Loss on sale of inventory 238,800

Dr Cogley, capital 28,467

Dr Mei, capital 14,233

    Cr Kendra, capital 42,700

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Cogley, capital 64,508

Dr Mei, capital 80,192

    Dr Cash 144,700

6 0
3 years ago
Arena, Inc. uses the direct method to prepare its statement merchandise inventory of cash flows. Use the following information r
Svet_ta [14]

Answer:

D. $184,400

Explanation:

Please see attachment

7 0
3 years ago
According to Adam Smith, why do people work hard?
MrRa [10]

Answer:

Money

Explanation:

they need money because to live in a house get a car,food etec

5 0
3 years ago
Whistle Works sells each whistle for $12. It takes 3 ounces of metal to produce each whistle at a cost of $0.50 per ounce. They
mart [117]

The question is incomplete. The complete Question is as follows,

Whistle Works manufacturers safety whistle keychains. They have the following information available to prepare their master budget:

Units to be produced

October 4,500

November 4,750

December 5,200

Whistle Works sells each whistle for $12. It takes 3 ounces of metal to produce each whistle at a cost of $0.50 per ounce. They prefer to have 10% of materials required for the following month's production in ending inventory as well. How many ounces of direct materials does Whistle Works need to purchase in October to meet production needs?

A) 4,500 ounces

B) 13,575 ounces

C) 13,425 ounces

D) 4,525 ounces

Answer:

Purchases = 13575 ounces

Option B is the correct answer

Explanation:

To calculate the purchases of material for October, we first need to calculate the inventory needed to produce the desired number of units in October along with the desired ending inventory and adjust it for the available opening inventory at start of October.

Material available at Start - October = 10% * 4500 units * 3 ounces per unit  Material available at Start - October = 1350 ounces

Material required at end - October = 10% * 4750 units * 3 ounces per unit

Material required at end - October = 1425 ounces

Material required to produce required units in October = 4500 * 3 = 13500

Production  =  Opening Inventory  +  Purchases  -  Closing Inventory

13500  =  1350  +  Purchases  -  1425

13500 + 1425 - 1350  =  Purchases

Purchases = 13575 ounces

4 0
3 years ago
Beginning work in process was $145,000. Manufacturing cost incurred for the month was $810,000. The ending work in process was $
Zielflug [23.3K]

Answer:

cost of goods manufactured= $755,000

Explanation:

Giving the following information:

Beginning work in process was $145,000.

Manufacturing cost incurred for the month was $810,000.

The ending work in process was $200,000.

<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 145,000 + 810,000 - 200,000

cost of goods manufactured= $755,000

5 0
3 years ago
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