How a business can be affected by the law of supply

The broccoli market is perfectly competitive. This means that the price of broccoli is ________ than the price would be if the m

LiRa [457]

Answer:

Price is lower than ; Quantity is higher than Monopolistic Competition

Explanation:

Perfect Competition is a market form with many buyers & sellers, selling homogeneous products at constant prices. Having uniform prices, It has perfectly elastic horizontal demand (Average Revenue) curve, ie = Marginal Revenue curve. Equilibrium price is where MR = MC ; So price = MC. This leads to optimal quantity supplied in market

Monopolistically competitive is market form having many sellers, selling slightly differentiated products, at different prices. Their demand curve (AR curve) is usually downward sloping, lies above the MR curve. Market equilibrium quantity is determined at MR = MC. The corresponding price is determine as per higher demand (AR) curve. Price > MC implies less than optimal quantity supplied in markets

Hence : Broccoli would be lower priced & higher supplied in case of perfect competition market, relatively higher priced & less supplied in case of monopolistic competition market.

7 0

3 years ago

Ted is the owner and chief executive officer of a business. He recently began an advertising campaign to promote a new product t

irga5000 [103]

Answer:

Option B- He acted in good faith.

Explanation:

The person who is trading with the other party owes the duty of care which is well stated in the negligence act. However in this case we saw that though the law was unclear but still the CEO acted in best interest of the public at large by consulting the attorney to shed light on the issue. Remember law is ethically minimum that is desired but in this situation the CEO was committed to comply with law that's why he consulted attorney. So saying that he acted in good faith is the best defense in the court.

3 0

3 years ago

On a survey of how students spend their time, one question asks, "Which of the following best describes your employment status?"

lesya692 [45]

Answer:

1. Mutual exclusivity

Explanation:

This researcher did not address the aspect of mutual exclusivity well enough as evidenced in options c and d in the coding above.

This is because option d says full time students. Option d is not mutually exclusive as a student can be a full time student and work part-time, and one can be a full time student and also be unemployed or employed full time

6 0

3 years ago

How does the market price of a good in a monopoly market compare with the market price of the same good in a perfectly competiti

Contact [7]

In a monopoly, prices are usually higher because there's no competition, whereas in a competitive market items that are not priced accordingly may never sell. For example, if you are the only bread-maker in town you can charge whatever you want - if people want bread they have to pay your prices, period. But in a competitive market where there are 20 other bread-makers, your prices have to remain competitive with the other 20 or no one will buy your bread.

4 0

3 years ago

On August 1, Hanes Co. determines that it cannot collect $150 from a customer. Hanes uses the direct write-off method. Hanes wil

Roman55 [17]

Using the direct write-off method, Hanes will record the write-off of this account by debiting the Bad Debts Expense account.

<h3>What is the direct write-off method?</h3>

The direct write-off method is one of the methods for writing off uncollectible accounts.

With the direct write-off method, the bad debts expense account is debited while the accounts receivable are credited.

Thus, using the direct write-off method, Hanes will record the write-off of this account by debiting the Bad Debts Expense account.

Learn more about the direct write-off method at brainly.com/question/25078131

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4 0

2 years ago