Answer:
A firm in this market produces where P > MC ⇒ MONOPOLY, in perfect competition markets, firms produce where P = MC
A firm in this market may earn long-run economic profits ⇒ MONOPOLY, on perfect competition markets firms cannot earn economic profit in the long run
A firm in this market has no market power ⇒ PERFECT COMPETITION
A firm in this market has no competitors ⇒ MONOPOLY (this is the definition of a monopoly)
A firm in this market cannot earn long-run economic profits ⇒ PERFECT COMPETITION
A firm in this market has significant market power ⇒ MONOPOLY, since the firm is the only supplier, it has a lot of bargaining power
A firm in this market is one of many small competitors ⇒ PERFECT COMPETITION
A firm in this market produces where P = MC ⇒ PERFECT COMPETITION
It would be A, since they are practicing efficiency.
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Answer:
B. $35,612
Explanation:
The net income which shall be earned by the Holly Farms shall be determined through following mentioned formula:
Sales $581,600
Costs ($479,700)
Depreciation expense ($32,100)
Interest expense ($8,400)
Income before tax $61,400
[email protected]% ($25,788)
Net income for year $35,612
So based on the above discussion, the answer is B. $35,612
Answer:
A) Operating expenses are increased
Explanation:
when the wages are subsequently paid, the liability account is not affected as well as the cash account, retained earnings is not affected and also the operating income is not affected.
Therefore, The operating expenses have to increase as the wages count towards operating expenses.