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3 years ago

Consider the markets for three products below. Indicate which characteristics of a competitive market are met by these markets.

Business

2 answers:

Leni [432]3 years ago

8 0

Market: gasoline (monopolistic competition with few sellers and many buyers)

a. Large number of buyers

b. Standardized good

c. Full information (not all participants know all the information, but most is available if they search for it)

d. No transaction cost

e. Participants are price takers

Market: barbershop haircuts (monopolistic competition with a lot of sellers and many buyers, but differentiated service)

a. Large number of buyers

d. No transaction cost

e. Participants are price takers

Market: bicycles (resembles a perfect competition market)

a. Large number of buyers

b. Standardized good

c. Full information (not all participants know all the information, but most is available if they search for it)

d. No transaction cost

e. Participants are price takers

Explanation:

No market provides full information to all participants. The closest you can get are some markets where commodities are traded and the price is set be certain exchange institutions. E.g. the Chicago Mercantile Exchange sets the price of agricultural commodities in the US, and most trading companies follow that price but variations still exist (even though they are minimum).

It is not possible for all the consumers of gasoline, haircuts or bicycles to know the exact price of all the goods the services since the price varies from one seller to another. Even if they are part of a retail chain, the price varies. Full information only exists in theoretical models, it doesn't exist in the real world.

sammy [17]3 years ago

6 0

Answer:

Market: gasoline (monopolistic competition with few sellers and many buyers)

a. Large number of buyers

b. Standardized good

c. Full information (not all participants know all the information, but most is available if they search for it)

d. No transaction cost

e. Participants are price takers

Market: barbershop haircuts (monopolistic competition with a lot of sellers and many buyers, but differentiated service)

a. Large number of buyers

d. No transaction cost

e. Participants are price takers

Market: bicycles (resembles a perfect competition market)

a. Large number of buyers

b. Standardized good

c. Full information (not all participants know all the information, but most is available if they search for it)

d. No transaction cost

e. Participants are price takers

Explanation:

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Shiffon Electronics manufactures music players. Its costing system uses two cost categories, direct materials and conversion co

lys-0071 [83]

Answer:

1,100 units; 1,050 units

Explanation:

Calculation to determine the equivalent units for direct materials and conversion costs, respectively, for March

DIRECT MATERIALS CONVERSION COSTS L

Completed and transferred out

1,000 units 1,000 units

(300 units+800 units - 100 units)

Add Work in process, ending

100 units 50 units

(50% Complete*100 units=50 units)

Total equivalent units

1,100 units 1,050 units

Therefore the equivalent units for direct materials and conversion costs, respectively, for March will be 1,100 units; 1,050 units

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3 years ago

The value of what businesses provide to other businesses is captured in the final products at the end of the __________ chain.

TiliK225 [7]

The required answer is production.

Production:

Producing something is the act of creating something out of components or raw resources. To put it another way, production employs inputs to produce an output that is fit for consumption—a good or product that has value for a customer or end-user.
One of the most crucial steps in the manufacturing process, production is fundamental to what it means to be a manufacturer. Without this activity, no finished goods would be produced, leaving no products for buyers to purchase.
The purpose of production is to provide the economy with commodities and services. Land is the primary factor of production, but term also refers to any other natural resource that is used to create commodities and services. This includes everything that comes from the land, not just the land itself.

Learn more about production here brainly.com/question/24481793

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2 years ago

Which of these is most likely a short-term goal for a high school freshman? A. Buy a house B. Retire comfortably C. Graduate fro

SVETLANKA909090 [29]

Answer:

D. Attend this afternoon's meeting

Explanation:

So Many high school freshman have a goal just to become familiar with their new setting.

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3 years ago

Suppose that the residents of Colgateville play golf incessantly. In fact, golf is the only thing they spend their money on. The

olchik [2.2K]

Answer:

CPI in 2020 =142.7

CPI in 2019 = 100

Inflation rate = 42.7%

Explanation:

Inflation is the increase in the general price level. Inflation erodes the value of money.

Consumer Price Index(CPI ): This is the weighted average price of a basket of goods and services consumed by a typical consumer. It is used to measure the rate of inflation.

The increase in the CPI is taken to be the rate of inflation. For example, the CPI rose to 1.09 from 1.00, this implies an inflation rate of 9% within the time period in focus.

The CPI =

The price of a basket of goods in a current year ÷ Divided by the price of a basket of goods in a base year

The consumer price

Value of basket of goods in 2019 = (1000× $2) + (100× $50) + ( 500× $0.10)= 7050

Value of basket of goods in 2020= (1000× $2.50) + (100× $75) + ( 500× $$0.12)=10,060

CPI in 2020 = 10,060/7050× 100 =142.7

CPI in 2019 = 100

CPI in 2020 =142.7

CPI in 2019 = 100

The inflation rate =(142.7/100-1 ) × 100 = 42.7%

Note , we assume the CPI for 2019 is 100, since we were not provided with data to compute the price of a basket of good in 2018

CPI in 2020 =142.7

CPI in 2019 = 100

Inflation rate = 42.7%

6 0

3 years ago

Cost of Direct Materials Used in Production for a Manufacturing Company

strojnjashka [21]

Answer:

$855,000

Explanation:

The Raw Materials T - Account can be used to determine the cost of direct materials used in production using the missing balance technique as follows :

Raw Materials T - Account

Debit :

Beginning Balance $279,000

Purchases $828,000

Total $1,107,000

Credit :

Ending Balance $252,000

Transferred to Production (<em>Balancing figure</em>) $855,000

Total $1,107,000

3 0

4 years ago