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4 years ago

Does the market system result in allocative efficiency? in the long run, perfect competition

Business

1 answer:

Inga [223]4 years ago

7 0

C.

Allocative efficiency in simple terms basically means there is no wastage, therefore if producers produce at price equals marginal coat, they are producing at the point where consumers are willing to pay that final price. Refer to the poorly drawn diagram for reference.

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_____ describes the practice of products and services traded among countries around the world.

zavuch27 [327]

Global trade, it means the trade-business of goods and services across the world. which help countries to find products of best quality as well as price. For instance, mostly countries get products from china because they have good manpower and there prices are reasonable. it also known as import and export businesses.

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3 years ago

How did the moral majority aid the republican party aswers.com?

Svetlanka [38]

It registered at least 2 million new voters.

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4 years ago

Amazon has the following information for the month of March.

hram777 [196]

Answer:

(a) schedule of cost of goods manufactured

Raw Materials 409,300

Direct labor 117,000

Factory overhead 102,000

Add Opening Work in process 55,600

Less Closing Work in process (77,900)

Cost of goods manufactured 606,000

(b) an income statement for the month ended March 31

Sales 1,167,000

Less Cost of Sales

Opening Finished goods inventory 65,400

Add Cost of Goods Manufactured 606,000

Less Closing Finished goods inventory (82,200) (589,200)

Gross Profit 577,800

Sales and administrative expenses (371,000)

Net Income 206,800

Materials inventory 91,500

Work in process 77,900

Finished goods inventory 82,200

Total 251,600

Explanation:

(a) schedule of cost of goods manufactured

Materials Used in Production = Opening Materials inventory + Purchases - Closing Materials inventory

= 83,300 + 417,500 - 91,500

= 409,300

schedule of cost of goods manufactured

Raw Materials 409,300

Direct labor 117,000

Factory overhead 102,000

Add Opening Work in process 55,600

Less Closing Work in process (77,900)

Cost of goods manufactured 606,000

(b) an income statement for the month ended March 31

Sales 1,167,000

Less Cost of Sales

Opening Finished goods inventory 65,400

Add Cost of Goods Manufactured 606,000

Less Closing Finished goods inventory (82,200) (589,200)

Gross Profit 577,800

Sales and administrative expenses (371,000)

Net Income 206,800

Materials inventory 91,500

Work in process 77,900

Finished goods inventory 82,200

Total 251,600

8 0

3 years ago

Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its

kvv77 [185]

Answer:

Warranty liability at 12/31/13 = $2 million.

This means that the balance in the deferred tax asset should be $700,000

(35% x $2,000,000) = $700,000

Before adjustment, the balance in the deferred tax asset is $737,500.

Therefore, the deferred tax asset needs to be reduced (credited) by $37,500.

($700,000 - 737,500) = -37,500

Date Account Title Dr Cr

12-31-13 Tax expense 14,037,500

Deferred tax asset 37,500

Taxes payable (.35 x 40,000,000) 14,000,000

8 0

3 years ago

A firm run by a rational entrepreneur would want to hold inventories. True False

RUDIKE [14]

True
Because having inventories would mean the following:
1. Holding Inventory avoids loss of sales
2. Holding Inventory gains quantity discount
3. Holding Inventory reduces order cost 4. Achieve efficient production runs by holding inventory
5. Holding Inventory reduces risk of production shortages

4 0

3 years ago

Does the market system result in allocative​ efficiency? in the long​ run, perfect competition

Does the market system result in allocative efficiency? in the long run, perfect competition