The congressional oversight means that the Congress, that is the legislative branch of the government has the right to check on the work of the executive branch, mostly the president. It is actually not implemented very often, ans is considered a last resort method, for example when the president is impeached (the last impeachment was of Bill Clinton)
Explanation:
strengths:
1. He or she enjoys all the profit
2. easy to start up
3. decision making is quick
4.he or she can vary the hours of work
weakness:
1.there is lack of finance
2. lack of specialised staff
3.the owner bears all the risk
4.there is unlimited liability
who might start a sole proprietor business
1. a person that wants to be their own boss.
2.extra income.
3.the entrepreneur might think he will make more money working for his self than others.
Answer: <u>"b. Price is greater than long-run average cost."</u> is NOT characteristic of long-run equilibrium for a perfectly competitive firm.
Explanation: In the long term the company will produce the output level at which long-run average cost is at its minimum.
Where the price is equal to the long-run marginal cost and the long-run average cost.
Answer:
a higher price and produce a smaller output than a competitive firm
Explanation:
A monpolistically competitive firm is a firm that :
1. Sells differentiated products from other firms in the industry.
2. Has many buyers and sellers
3. Is a price maker
4. Has no barrier to entry or exist of firms
An example of a monpolistically competitive firm is a resturant.
A competitive firm is a firm that:
1. Sells identical goods with other firms in the industry.
2. Is a price taker . Prices are set by forces of demand and supply
3. Has many buyers and sellers
4. There are no barriers to entry or exist of firms.
When a monopolistic and competition firm are faced with the same unit cost, a monopolistic firm would aim to earn profit by increasing its price and reducing the quantity produced.
While a perfect competition would sell at the price set by the forces of demand and supply. The firm can increase the quantity produced in order to increase revenue.
A monopolistic firm is able to charge a higher price for its products while a perfect competition isn't.
This is true, it is a misunderstandment
