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DanielleElmas [232]
3 years ago
15

Select which characteristic of a perfectly competitive industry is not met in the examples below. Four fundamental characteristi

cs of a perfectly competitive​ industry:
​(1) there is a large number of buyers and​ sellers, ​
(2) firms in the industry produce and sell a homogeneous​ product,
​(3) information is equally accessible to both buyers and​ sellers, and
​(4) there are insignificant barriers to industry entry or exit.

Even though one firm produces a large portion of the​ industry's total​ output, there are many firms in the​ industry, and their products are indistinguishable. Firms can easily exit and enter the industry. This example violates characteristic number nothing. There are many buyers and sellers in the industry. Consumers have equal information about the prices of​ firms' products, which differ slightly in quality from firm to firm. This example violates characteristic number nothing.

a.Many taxicabs compete in a city. The​ city's government requires all taxicabs to provide identical service.
b.Taxicabs are virtually​ identical, and all drivers must wear a designated uniform.
c.The government also limits the number of taxicab companies that can operate within the​ city's boundaries.
d.This example violates characteristic number nothing.
Business
1 answer:
Yakvenalex [24]3 years ago
6 0

Answer:

there is a large number of buyers and​ sellers

firms in the industry produce and sell a homogeneous​ product

there are insignificant barriers to industry entry or exit.

Explanation:

A perfect competition is characterised by many buyers and sellers of homogenous goods and services. There are no barriers to entry or exit of firms so firms earn zero economic profit in the long run. Prices are set by the forces of the demand and supply so firms and customers are price takers.

Because one firm has greater output than other firms, it means that the firm has greater market power than other firms so this violates the assumption that there are many firms

If goods are homogenous, it means they are the same in every respect and so must have the same quality. So if products have different quality, they violate the homogeneity assumption.

The government restricts the number of cabs that can operate. This means there are barriers to entry of firms and this violates the "there are insignificant barriers to industry entry or exit" assumption

I hope my answer helps you

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The following information pertains to the Flying Fig​ Corporation: Total Units for information given 7 comma 000 Fixed Cost per
kirill115 [55]

Answer:

Break-even point= 3429 units

Explanation:

Giving the following information:

Total Units for information given 7,000.

Fixed Cost per Unit $150

Selling Price per Unit $ 475

Variable Costs per Unit $125

Target Operating Income $ 150,000

Break-even point= fixed costs/ contribution margin

Break-even point= (150*7000 + 150,000) / (475 - 125)= 3429 units

8 0
3 years ago
a company experienced an event that had no affect on the amount of total assets or net income, but did cause a cash outflow from
alexira [117]

An incident occurred at a corporation that had no impact on total assets or net income, but did result in a cash outflow from investing operations due to a loan with a three-year term to maturity.

Cash transactions involving net income are considered operating activities. Cash transactions involving noncurrent assets are considered investing. Cash transactions involving noncurrent liabilities and owners' equity are considered financing activities. Operating, investing, and financing operations are the three different types of cash flows. Transactions involving equities, loans, and dividends are all examples of financing operations. Investors can learn about a company's financial health and how well its capital structure is managed by looking at the cash flow from financing operations.

Financial activities are company transactions or occurrences that have an impact on long-term liabilities and equity. In other words, financial activities include any dealings with lenders or investing that are utilized to finance business growth or operations. The third group of cash transactions shown on the statement of cash flows is these transactions.

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6 0
1 year ago
Kent Manufacturing produces a product that sells for $50.00 and has variable costs of $24.00 per unit. Fixed costs are $260,000.
soldi70 [24.7K]

Answer:

$29.50

Explanation:

Contribution margin = price - variable cost

Variable cost if machine is purchased = $24.00 - $3.50 = $20.50

= $50.00 - $20.50 = $29.50

I hope my answer helps you

7 0
3 years ago
What is a business requirement? A. The nonspecific business requests the system must meet to be successful B. The specific busin
navik [9.2K]

Answer:

B. The specific business requests the system must meet to be successful.

Explanation:

Business requirements are specific activities that must be completed by a business if they are to achieve their goals and objectives.

They carry out these activities through the use of processes, softwares or systems.

An example of such an activity is production of quality products to meet consumer needs.

6 0
3 years ago
The multiplier effect suggests that Not yet Wswered Select one a. spending $1 increases GDP by more than $1. Marked out of 1.00
Rzqust [24]

Tax multiplier amount = -9.00.Real GDP changed or increased by $9 billion. Less than $1 billion in spending would be required by the government. The explanation is that the tax multiplier's absolute value is bigger than the expenditure multiplier's absolute value, which is 10.

MPC = 1 - 0.90 = 0.10 MPS = Marginal Propensity to Save = 1 MPC = 1 - 0.90 = 0.10

As a result, we have:

The tax multiplier is equal to MPC / MPS, which is 0.90 / 0.10, or -9.00.Reduced tax X=-$1 billion

Tax multiplier equals -9.00.

Amount of change or growth in real GDP equals a decrease in taxes, multiplied by a -$1 tax multiplier.Multiplier for expenses = 1/ MPS = 1/ 0.10 = 10Real GDP growth is equal to the change in government spending multiplied by the expenditure multiplier (1). Solve for by substituting the appropriate values into equation (1). Government spending has changed.We possess.Change in government spending of $9 billion $9 billion / 10 = $0.90 billion in changes to government spending in one year.Given that the expenditure multiplier produced a change in government spending of $0.90 billion, this suggests that less than $1 billion in expenditures would be required.

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4 0
2 years ago
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