The European union and the World trade organization have trade policy as common.
<u>Explanation:
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World Trade Organization (WTO) comprises governments and border control territories that establish, implement, and enforce international trade rules. European Union and the individual EU Member States are members of WTO.
To make sure that rules-based global trade process, the WTO is involved. Despite the deadlock in negotiations, ways are being examined to upgrade WTO rules and tackle new international challenges.
New developments in the WTO trade rules have been brought about by the coming into effect of the Trading Facilitation Agreement in February 2017. Parliament passes legislation in conjunction with the Council under the Treaty of Lisbon and has a major accountability role on global trade policy.
The output quantity which the monopolistically competitive firm produce to maximize profits is when, "the marginal cost equals the marginal revenue."
In the monopolistically competitive firm, a monopolist can determine its profit-maximizing price and quantity by analyzing the marginal revenue and marginal costs of producing an extra unit. If the marginal revenue exceeds the marginal cost, then the firm should produce the extra unit.
The profit-maximizing quantity is the one at which the marginal revenue of the last unit was exactly equal to the marginal cost. Thus, producing any more or less would decrease profits.
Hence, the monopolistically competitive firm produce output quantity when the marginal cost equals the marginal revenue.
To learn more about the marginal cost and marginal revenue here:
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Answer:
$34,000 (Debit)
Explanation:
Estimated total overhead costs = $456,000
Estimated direct labor costs = $2,280,000
Actual overhead costs= $422,000
Actual direct labor costs= $1,940,000
To calculate the factory overhead, we need to first calculate Estimated overhead rate.
Estimated overhead rate = Estimated total overhead costs / Estimated direct labor costs
= $456,000 / $2,280,000
= 0.2
= 20%
Therefore;
Actual Factory overhead = Actual direct labor cost × application rate
= $1,940,000 × 20%
= $388,000
We can get the balance in the overhead account as shown below;
Balance = Actual overhead cost - Actual cost that should be applied
= $422,000 - $388,000
= $34,000 (Debit).
