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3 years ago

Monopolistically competitive firms experience economic profits in the long run that are:

Business

1 answer:

storchak [24]3 years ago

8 0

Answer:

eliminated due to firms entering the industry

Explanation:

In the long run , monpolistically competitive firms earn zero economic profit due to entry of firms into the industry.

A monpolistically competitive firm has low barriers to entry and exit of firms. In the short run when monpolistically competitive firms earn economic profit, firms enter into the industry in the long run and economic profit would be wiped out.

Other features of monpolistically competitive firms are:

1. They sell differentiated products

2. They set the prices for their goods and services

3. They have a downward sloping demand curve.

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Based on the Marshall Laws of Derived Demand, labor demand is more inelastic when a. workers are making a product that uses a hi

Salsk061 [2.6K]

Answer:

Explanation:

According to Marshall Laws of Derived Demand, labor demand is more inelastic in the following circumstances :

the cost of employing labour constitutes a small proportion of the total cost of production.
the demand for the product is relatively inelastic
labour cannot be easily substituted for in the production process
when the supply of other factors of production is inelastic

5 0

4 years ago

Midland Company buys tiles and prints different designs on them for souvenir and gift stores. It buys the tiles from a small com

taurus [48]

Answer:

January

purchases = 32,800 units

required cash to pay for purchases = $24,600

February

purchases = 8,900 units

required cash to pay for purchases = $6,675

March

purchases = 7,800 units

required cash to pay for purchases = $5,850

Explanation:

each tile costs $0.75, paid in cash, three month stock

28,000 tiles in stock

estimated sales:

January 13,300
February 18,700
March 13,700
April 15,100
May 8,900
June 7,800

January

beginning inventory January 28,000

estimated sales 13,300

desired ending inventory = sales for next three months = 18,700 + 13,700 + 15,100 = 47,500

purchases = 47,500 + 13,300 - 28,000 = 32,800

required cash to pay for purchases = 32,800 x $075 = $24,600

February

beginning inventory January 47,500

estimated sales 18,700

desired ending inventory = sales for next three months = 13,700 + 15,100 + 8,900 = 37,700

purchases = 37,700 + 18,700 - 47,500 = 8,900

required cash to pay for purchases = 8,900 x $075 = $6,675

March

beginning inventory January 37,700

estimated sales 13,700

desired ending inventory = sales for next three months = 15,100 + 8,900 + 7,800 = 31,800

purchases = 31,800 + 13,700 - 37,700 = 7,800

required cash to pay for purchases = 7,800 x $075 = $5,850

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4 years ago

Discuss the four dimensions of statistical reasoning / thinking used in statistical inquiry.

Studentka2010 [4]

The four dimensions of statistical thinking, according to Wild & Pfannkuch are an investigative cycle, styles of thinking, an interrogative cycle, and dispositions. The four dimensions are simultaneously active within the thinker and incorporate both general and specific statistical thinking tendencies. Describe the four statistical reasoning/thinking dimensions that are used in statistical investigation.

* Give and describe a concrete example of how the four-step method was applied in a managerial decision-making process. Please apply the four dimensions of statistical reasoning from Wild and Pfankuch .

* Why is having a representative sample rather than a random sample not more crucial for drawing accurate conclusions about a diverse population?

Is the due date for your task approaching? It is simple! Please fill out the order form with your instructions. All of our authors have advanced degrees in their.

Learn more about The four dimensions of statistical thinking here.

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5 0

2 years ago

Match each security practice in electronic banking with the PCI standard that mandates it.

Schach [20]

1. Security system testing: tracking and monitoring access to the network, PCI 11
2. Access control measure: restricting physical access to customers' card data, PCI 7.
3. Information security policy: documenting software and network security requirements, PCI 12.
4. Network security practice: not using default password or settings, PCI 2.
PCI compliance is the data security standard which applies to all organizations which processes, store or transmit credit card information. The standards are 12 in number.

6 0

4 years ago

Read 2 more answers

Producer surplus: A. is the difference between the true value of a good and the amount the firm wants to receive. B. is the dif

Alex Ar [27]

Answer:

Option (B) is correct.

Explanation:

Producer surplus is defined as the difference between the current market price of a good and the amount or cost incurred by the firm to produced the good. If the producer will be able to get the higher price for a good than the full cost of production of that good then he will earn the producer surplus.

Graphically, the producer surplus is represented by the flat top.

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3 years ago