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spayn [35]
2 years ago
15

Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of wh

y or why not.
Scenario

1-There are hundreds of colleges that serve millions of students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs.
Business
1 answer:
Oliga [24]2 years ago
3 0

Answer:

Yes the scenario describes a competitive market

Explanation:

There are 3 factors of a competitive market that stands out in the given scenario which are:

1. Many Buyers and Sellers: In the given scenario it mentions clearly that ''There are hundreds of colleges that serve millions of students each year''. Hence it is very clear that the buyers which are (in this scenario) the students, and the sellers who are the (in this scenario) the colleges; are many.

2. Perfect Information: A competitive market is characterized by the availability of information about the products in offer. In the given scenario, it suggests clearly that the availability of information ''allows students with diverse preferences to find schools that match their needs''. This could not have been possible if the students did not have perfect information about the colleges.

3. Identical products: Another feature of a competitive market is the availability of identical products. In the given scenario, it states clearly that ''The colleges vary by location, size, and educational quality''. Other than these features the colleges are offering basically the same product which is education.

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Total utility from three units = 84 utils

Total utility from two units = 74 utils

84 - 74 = 10 utils which is the marginal utility of the third unit.

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The form of business organization where an entity is legally separate from its owners and issues shares of stock is a.
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corporation

Explanation:

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Farrel Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just compl
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Answer:

Dr Work in Process 574,000

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Explanation:

Preparation of the journal entry to record the direct and indirect labor costs incurred during the year

Based on the information given the appropriate journal entry to record the direct and indirect labor costs incurred during the year will be :

Dr Work in Process 574,000

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3 0
2 years ago
Luke Anderson is earning $48,000 a year in a city located in the Midwest. He is interviewing for a position in a city with a cos
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The minimum requirement of salary = $53760

<u>Explanation:</u>

Cost of living in city is 12 percent higher than where Luke Anderson lives. So, Luke Anderson will require 12 percent higher salary than existing salary in order to maintain the existing standard of living

<u>The calculations are as follows. </u>

Current salary of Luke Anderson = $48000

12 percent increase = 48000 multiply with 12 percent = 5760

Thus, the required minimum salary = 48000+ 5760 = 53760

So, Luke Anderson will require minimum salary of $53760

4 0
3 years ago
​Sara's Jewelry sold 20 necklaces for $ 35 each to a credit customer. The invoice included a 5​% sales tax and payment terms of
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Answer:

The journal entry for recording the original sale is shown below:

Explanation:

The journal entry for recording the original sale is as follows:

Accounts receivable A/c................................Dr $735

         Sales Tax A/c...................................................Cr $35

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As sales is made on credit so the accounts receivable account will be debited against the Sales account, which is credited. And there is sales tax charged on selling necklaces, which is credited to the sales tax account.

Computation of Sales Tax as:

Sales tax = Selling amount × Tax

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So,

Sales tax = $700 × 5%

Sales tax = $35

8 0
2 years ago
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