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3 years ago

For a firm in a perfectly competitive market, price is

Business

1 answer:

Zigmanuir [339]3 years ago

8 0

Answer:

The correct answer is D. equal to both average revenue and marginal revenue.

Explanation:

A perfectly competitive market or market of perfect competition is that market in which two characteristics are fulfilled:

1) there is a large number of buyers and sellers in such a way that the influence they individually exert on prices is negligible;

2) the goods or services that are exchanged are the same. [Supply and demand] Perfect competition is the situation of a market where companies lack the power to manipulate the price (price-acceptors), and there is a maximization of well-being.

This results in an ideal situation of the goods and services markets, where the interaction of supply and demand determines the price. A perfectly competitive market has the following characteristics: There are many buyers and sellers in the market. The goods offered by different vendors are largely identical. Companies can freely enter and exit the market.

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3 years ago

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3 years ago

Compute conversion costs given the following data: direct materials, $361,300; direct labor, $195,300; factory overhead, $216,70

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Answer:

a. $412,000

Explanation:

Conversion cost is the combination of direct labor and manufacturing overhead which directly or indirectly are necessary to produce a product other than the direct raw materials.

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3 years ago

Pete Morton is planning to go to graduate school in a program of study that will take three years. Pete wants to have $13,000 av

podryga [215]

Answer:

$34,116

Explanation:

To determine how much Pete would should save, we have to determine the present value of $13,000

Present value is the sum of discounted cash flows

present value can be calculated with a financial calculator

Cash flow each year from year 1 to 3 = $13,000

I = 7%

Present value = $34,116

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

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3 years ago

The government sets an allowable amount of pollution and lets companies buy and sell the right to release this pollution in a co

Margaret [11]

Answer:

D. tradable permits

Explanation:

Tradable permits also known as emissions allowance is an attempt at regulating pollution through the market system. tradeable permit gives right to the bearer of such permit to emit pollution up to a limited amount and if such permit is partially used or for one reason or the other, it is unused, it can be traded or negotiated to a willing buyer.

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3 years ago

For a firm in a perfectly competitive​ market, price is

For a firm in a perfectly competitive market, price is