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Artemon [7]
3 years ago
8

​A restaurant, which operates in a perfectly competitive market, is evaluating whether it should serve breakfast on a daily ba

sis. It would choose to do this when its revenues cover its variable costs. True or False
Business
1 answer:
riadik2000 [5.3K]3 years ago
8 0

Answer:

TRUE

Explanation:

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

In the short run, the firm would continue to operate if its revenue covers variable cost. if it doesn't it would shut down.

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Rachel entered into a contract to purchase a 2004 Dodge from Hanna, who lived in the neighboring apartment. When a dispute arose
Genrish500 [490]

Answer:

Hanna is correct.

Explanation:

The sale of the 2004 Dodge cannot be construed to be a sale of goods under the Uniform Commercial Code since this law covers sales of goods by merchants.  Hanna cannot be said to be a merchant of 2004 Dodge as she is not known to be in the business for the purchase and sale of cars.  Therefore, the case should be adjudicated under the common law.  What has taken place in this instance is the exchange of a personal asset.  Hanna cannot make a trading profit from the sale, but a capital gain.  Rachel is not correct.

8 0
2 years ago
Suppose you are committed to owning a $203,000 Ferrari. If you believe your mutual fund can achieve an annual rate of return of
liraira [26]

Answer:

the present value is $88,087.08

Explanation:

The computation of the present value is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^number of years

$203,000 = Present value × (1 + 0.11)^8

So, the present value is $88,087.08

hence, the present value is $88,087.08

7 0
2 years ago
In 2002 Ortega's nominal income rose by 4.6 percent and the price level rose by 1.6 percent. We can conclude that Ortega's real
monitta

Answer:

c rose by 3 percent.

Explanation:

Real income is nominal income less price level changes.

Real income = nominal income - changes in price level

4.6 % - 1.6% = 3%

I hope my answer helps you

4 0
3 years ago
During the month of March, Munster Company's employees earned wages of $64,000. Withholdings related to these wages were $4,896
STALIN [3.7K]

Answer:

A) March 31 journal entries for wages expense and wages payable

  • Dr Salaries and Wages Expense account 64,000
  • Cr FICA Taxes Payable account 4,896
  • Cr Federal Income Tax Payable account 7,500
  • Cr State Income Tax Payable account 3,100
  • Cr Union Dues Payable account 400
  • Cr Salaries and Wages Payable account 48,104

B) March 31 journal entries for company's payroll tax expenses

  • Dr Payroll Tax Expense account 5,596
  • Cr FICA Taxes Payable account 4,896
  • Cr State Unemployment account 700

8 0
3 years ago
The economy continues to descend into chaos. The stock market still moves down after it makes progress forward, and unemployment
BaLLatris [955]

Answer:

A) . It is going to be a while before things get better in the United States.

Explanation:

3 0
3 years ago
Read 2 more answers
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