A monopolistically competitive firm faces a downward sloping demand curve and so it is a price searcher.
The demand curve for monopolistically competitive firm will be considerably more elastic than the demand curve that a monopolist faces because the monopolistically competitive firm has a very less control over the price that it can charge for its output.
The firm's control over its price will largely depend on the degree to which its product is differentiated from competing firms' products.
The monopolistically competitive firm will be a price‐searcher rather than a price‐taker because it faces a downward‐sloping demand curve for its product.
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Answer:
d) $1, 316
Explanation:
Particulars Amount
Maximum Credit $5,572
Phase out limit $4,256 <em>(38,400 - 18,190)*21.06%</em>
Earned Income Credit Entitled to = Maximum Credit - Phase out limit
Earned Income Credit Entitled to = $5,572 - $4,256
Earned Income Credit Entitled to = $1,316
In the economic term oligopoly, olig means few. So in an oligopoly, the market or industry is run by a small number of large sellers. When there are a few number of sellers, they have a large influence over their customers and the economy.
Answer: $1,035,000
Explanation:
In recording the cost of the long term bond, we record only the amount we paid to get it and not the interest we paid on it.
In this case we Kern Company paid for the bonds at 102 of par (par is 100) AND paid brokerage fees as well.
This means that the cost to be recorded is,
= 1,000,000 * (102/100) + 15,000 ( brokerage fee)
= $1,035,000
The amount to record as the cost of this long-term investment in bonds is $1,035,000
Answer:
$35,000
Explanation:
We can use the following simple formula:
Beginning retained earnings balance = Ending retained earnings balance − Net Income + Dividends
Therefore,
Net Income = Ending retained earnings balance - Beginning retained earnings balance + Dividends
Net Income = $82,000 - $55,000 + $8,000
Net Income = $35,000.
Therefore, net income is equal to $35,000.