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timofeeve [1]
3 years ago
15

When economists think about market structures, they include market structures like pure monopoly and pure competition that are v

ery rare in the real world. Why do economists spend time thinking about conditions that almost never exist?
Business
1 answer:
Kisachek [45]3 years ago
7 0

Answer:

As explained below.

Explanation:

  • Asan economist the market is characterized by the interplay of 4 major fields like the Oligopoly, Monopoly, Perfect competition, Monopolistic competition. <u>Thus these structures were given by Adam Smith and his fellow Karl Marx. </u>
  • As an economist, he emphasized the laissez-faire model that is hard to find operating in a market as of the existence in 20 and the 21st century. The presence of the monopolistic competition which is a type of imperfect competition is that many producers sell or services that are different nature without carrying for the prices.
  • The oligopoly structure is either run by duopoly or monopoly or by the Ologospony which represents the market by many sellers but the demands of the few buyers.
  • The presence of perfect competition creates certain barriers ronery of the producers and consumers. However, these all tend to differ from the natural monopoly of one provider of a group of series meeting the one market.  
  • Hence certain market structures are related to the pecking and competitiveness in the market domain thus economists have o study them is greater depths.
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                                 Cost of Goods Manufactured

Beginning work-in-process inventory                                  $56,000

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Beginning inventory                                   $12,000

Purchases                                                    $30,000

Materials available                                      $42,000

Less:  Ending inventory                              -$18,000

Direct materials used                                                             $24,000

Less:Indirect materials included in manufacturing overhead -$5,000

Other manufacturing costs                                                  

Direct labor                                                                     $58,0000

Manufacturing overhead applied to work in process $87,000

Less:  Ending work-in-process                                                  $65,000

Cost of goods manufactured                                                    $155,000

b.                                     Primare Corporation

                                 Cost of Goods Sold

Beginning finished goods inventory                                        $35,000

Add: Cost of goods manufactured                                           $155,000

Finished goods available for sale                                             $190,000

Less:  Ending finished goods inventory                                   -$42,000

Unadjusted cost of goods sold                                                  $148,000

Add: Under applied overhead                                                    $4,000

Cost of goods sold                                                                      $152,000

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Total cash expense= $181,675

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