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Y_Kistochka [10]
3 years ago
6

consumers ina competative market are considered to be price takers because each tends to buy of the total amount of a produced g

ood
Business
1 answer:
g100num [7]3 years ago
3 0

Answer: False

                   

Explanation: In simple words, competitive market refers to the market structure in which there are large number of buyers and sellers, individual operating at a small level.

Due to the high number of buyers and sellers in the market no individual participant is able to impact or fix prices. All the buyers and sellers have to trade on prices that are determined by the market forces of demand and supply.

Consumers are price takers in such a market as no individual consumer has the ability to trade in all of the stocks and one only deals with a minor portion of the total business available. Thus, from the above we can conclude that the given statement is incorrect.  

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Business at Korey's Comics has been good, and Korey expects the same business next month. However, due to an increase in busines
Bezzdna [24]

Answer:

ADDITIONAL REVENUE & ADDITIONAL COST

Explanation:

If Korey has made the decision to bring on an extra hand to help run the store in the afternoons and the new employee will make $435 per month; then there are 2 changes that will happen to the monthly net income

1. Increased Revenue: Since the new employee will be bringing in additional revenue of $435, then the direct impact of that is an increment in the revenue line of the income statement

2. Increased Costs: Secondly, this change will affect Korey's monthly net income in the area of cost because he has to pay the extra hand some sort of monthly salaries which will have a reducing effect on profit.

7 0
3 years ago
1. A = GDP deflator or the CPI for the United States
tatuchka [14]

Answer:CPI, GDP Deflator

Explanation:CPI(consumer price index) is a macroeconomic measure used to determine the level of inflation in countries like the United States of America.

GDP Deflator is also a macroeconomic measure that measures the price level of all the new products produced domestically within a country in a specified year or period.

Both GDP DEFLATOR AND CPI ARE VERY USEFUL IN DETERMINING THE PERFORMANCE OF AN ECONOMY AS GDP DEFLATOR MEASURES DEFLATION,CPI MEASURES PRICE INFLATION IN A SPECIFIC OR BASE YEAR UNDER REVIEW.

3 0
3 years ago
​, how much would government spending have to rise to increase output by ​$
aalyn [17]
1,000 billion is how much the government would spend to increase outputs 
3 0
3 years ago
A) You observe the following exchange rates in the market.
blagie [28]

Answer: i. €0.11

ii. €1.08

Explanation:

i. If we get 1 krona for every $0.13 then how many krona do we get per dollar?

= 1/0.13

= 7.69 Krona is to $1

If $1 is 7.69 Krona and $1 is also €0.85 then that means that,

€ 0.85 = 7.69 Krona

So for each Krona exchanged, we get how many Euro,

= 0.85/7.69

= 0.11

For each Krona exchanged, we get €0.11

ii. Following the example of the first question,

if £1 is to $1.12 then how many pounds are a dollar?

= 1/1.12

= 0.89

£0.89 is equal to a dollar.

if €1 is to $1.04 then how many euros are a dollar?

= 1/1.04

= 0.96

€0.96 are equal to a dollar.

This means that,

£0.89 = €0.96

So for every British Pound exchanged we get how many Euros?

= 0.96/0.89

= 1.078

= €1.08

For every British pound Exchanged, we get €1.08

6 0
3 years ago
The average price of homes sold in the U.S. in 2012 was $240,000. A sample of 144 homes sold in Chattanooga in 2012 showed an av
Ainat [17]

Answer:

H0 : Average price of homes sold in US = 24000 ; H1 : Average price of homes sold in US ≠ 24000

t  calculated value = 2 , t critical (tabulated) value = 1.96

calculated t > critical t . Null Hypothesis is rejected, It is concluded that 'Average price of homes sold in US ≠ 24000 '

Explanation:

Null Hypothesis : Average price of homes sold in US = 24000

Alternate Hypothesis : Average price of homes sold in US ≠ 24000

t = (x' - u) / (s / √n)

x' = sample mean = 246000 (given)

u = population mean = 240000 (given)

s = standard deviation = 36000

n = no. of observations = 144

t = (246000 - 240000) / (36000/√144)

6000/ (36000/12000) = 6000/3000

t = 2

Critical value for a two tailed test at 5% significance level, 0.025 in t distribution = 1.96

Since calculated value, 2 > tabulated or critical value at significance level, 1.96. So, we reject the null hypothesis. This implies that <u>'Average price of homes sold in US ≠ 24000</u>'

3 0
3 years ago
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