Competitive price taker firms always earn zero economic profit in long-run equilibrium because of the following reasons which include easy entry & exit, small player etc.
Perfect competition exists when there are many sellers, firms can easily enter and exit, products are identical from one seller to the next, and sellers are price takers.
A perfectly competitive firm must accept the equilibrium price at which it sells goods because it is a price taker.
A perfectly competitive firm will be unable to make any sales if it charges even a small amount more than the market price.
Furthermore, a perfectly competitive firm must be a very small player in the overall market, allowing it to increase or decrease output without affecting the overall quantity supplied and price in the market.
Hence, Competitive price taker firms always earn zero economic profit in long-run equilibrium.
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Answer:
A) 24 hours
Explanation:
The Consumer Product Safety Act (CPSA) established the Consumer Product Safety Commission (CPSC) which is the government entity in charge of setting product safety standards, requesting recalls and banning products if necessary.
In this case, if a toy is potentially dangerous then the company must notify the CPSC within one business day and start the recall procedure immediately.
Juniper Bush Farm has a December 31 fiscal year end. The company has six notes payable
outstanding on December 31, 2014, as follows:
i. A nine-month, 5%, $25,000 note payable issued on July 1, 2014. Interest is payable
monthly on the first day of each month starting on August 1.
ii. A six-month, 4%, $10,000 note payable issued on September 1, 2014. Interest and
principal are payable at maturity.
iii. A seven-month, 4.5%, $40,000 note payable issued on November 1, 2014. Interest and
principal are payable at maturity.
<span>$104,500 * 0.04 = $4,180 - $665 = $3,515</span>
