I would say $7.00 per hour lol
Answer: Option (B) is correct.
Explanation:
Correct option: have some control over its price because its product is differentiated.
A competitive monopolistic firm is not operating efficiently because it doesn't producing at a point where price is equal to the marginal cost or at a minimum point of its average cost curve.
It generally produces lower output and charges higher prices for their differentiated products. Differentiated products are the products which are similar in nature but have slightly different features. So, firms try to make their products different.
Hence, the firms have some control over the price of the differentiated products.
Answer:
The computations are shown below:
Explanation:
a. Goods available for sale is
= beginning inventory + net purchase
= $11,000 + $13,500
= $24,500
The cost of goods sold is
= Goods available for sale - ending inventory
= $24,500 - $6,600
= $17,900
The gross profit is
= Net sales - cost of goods sold
= $21,500 - $17,900
= $3,600
b. For Krug service company, the net income is
= revenue - expenses
= $26,000 - $9,700
= $16,300
For Kleiner Merchandising Company, it is
= Gross profit - expenses
= $3,600 - $2,050
= $1,550
