Answer:
A). equal to marginal revenue.
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
Price = marginal revenue = average revenue
I’m not exactly sure but- expansion is the phase of the business cycle where real GDP grows for two or more consecutive quarters, moving from a trough to a peak. This is typically accompanied by a rise in employment, consumer confidence, and equity markets. Expansion is also referred to as an economic recovery. Knowing this, it cannot be A where unemployment is high or B where inflation is high because inflation is the rise in the general level of prices where a unit of currency effectively buys less than it did in prior periods, it shouldn’t be D because the profits wouldn’t be on a decline, so making a guess using elimination it’s most likely C businesses produce more and hire workers
Answer:
Standard.
Explanation:
In the context above, it can be seen that the 1988 was been provided to be a standard for growth and high export year against all other years. Therefore, in a bid to improve its manufacture growth, different things are expected to change back or better than the model or steps that are been used. Objectives to determine a huge success in the current project is seen to be in a cue with that of the year discussed above.
Answer:
The total cost of the department’s ending work in process inventory is $684,000
Explanation:
The computation of the total cost is shown below:
= Material cost + conversion cost
where,
Material cost = (Transferred units + ending work in progress) × material cost per unit
= (68,000 units + 12,000 units) × $4
= $320,000
Conversion cost = (Transferred units + ending work in progress × percentage of completion) × material cost per unit
= (68,000 units + 12,000 units × 40%) × $5
= $364,000
Now put these values to the above formula
So, the value would equal to
= $32,000 + $364,000
= $684,000
