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3 years ago

In a perfectly competitive market

Business

1 answer:

lawyer [7]3 years ago

6 0

Answer:

D. No seller can influence the price of the product

Explanation:

A perfect market for competition is a market which has a high level of competition.

It has the following features-

1. With regard to the market, knowledge is perfect in this rivalry between producer and consumer.

2. Free entry, and exit

3. Deals with same or homogeneous products

4. The buyers and sellers are more in this market

5. There is no transport cost

Moreover, the average revenue and the marginal revenue are equal.

So, the correct option is D.

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During the month of May, a company performed $2,400 of cash services and $3,300 of services on account. The journal entry at the

Tanya [424]

Answer:

Debit : Cash $2,400

Debit : Account Receivables $3,300

Credit : Revenue $5,700

Explanation:

Revenue is recognized when a firm transfers the control of goods or services not when paid.

So this journal must both recognize the Assets in Cash and Assets in Trade Receivables since control for the services has already been transferred.

The journal entry at the end of the month to record this transaction would be :

Debit : Cash $2,400

Debit : Account Receivables $3,300

Credit : Revenue $5,700

3 0

2 years ago

According to the numbers in the article Group of answer choices smoking among adults is elastic because the percent change in pr

nataly862011 [7]

Answer:

According to the numbers in the article

smoking among adults is inelastic because the percent change in price is less than the percentage change in quantity demanded.

Explanation:

Inelasticity means that price changes do not affect the demand for smoking among adults. When the habits of consumers to smoke are not determined by the change in the price of the item, the demand is described as inelastic. In other words, a change in the price of the good or service does not generate a corresponding change in the quantity demanded. Inelasticity, as an economic term, states that the quantity demanded of a good or service remains static when there is a change in its price.

5 0

2 years ago

On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following informati

rewona [7]

Answer:

$307,390

Explanation:

Given that,

Cost of Goods Available:

= Beginning Inventory + Net Purchases

= $140,000 + $658,000

= $798,000

Cost of goods Sold:

= [(100 - Gross profit ratio) ÷ 100] × Sales

= [(100 - 29) ÷ 100] × $691,000

= $490,610

Ending Inventory:

= Cost of goods available - cost of good sold

= $798,000 - $490,610

= $307,390

6 0

3 years ago

For each of the following situations involving annuities, solve for the unknown. Assume that interest is compounded annually and

Elan Coil [88]

Answer:

1)$11,978

2)9%

3)15 periods

4) 6%

5) $ 78,867.70

Explanation:

PV Annuity per period rate time

1. ? 3,000 8% 5

2. 242,980 75,000 ? 4

3. 161,214 20,000 9% ?

4. 500,000 80,518 ? 8

5. 250,000 ? 10% 4

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C 3,000.00

time 5

rate 0.08

$3000 \times \frac{1-(1+0.08)^{-5} }{0.08} = PV\\$

PV $11,978.1301

solved using excel goal seek or financial calculator

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C 75,000.00

time 4

rate 0.089998108 we set up the formula PV(A2;4,75000)

then we use goal seek to find which value of a2(which is the argument for rate) makes the formula equal to 242980

$75000 \times \frac{1-(1+0.0899981076987946)^{-4} }{0.0899981076987946} = PV\\$

PV $242,980.0000

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C $20,000.00

time n

rate 0.09

PV $161,214.0000

$20000 \times \frac{1-(1+0.09)^{-n} }{0.09} = 161214\\$

$(1+0.09)^{-n}= 1-\frac{161214\times0.09}{20000}$

$(1+0.09)^{-n}= 0.27453700$

$-n= \frac{log0.274537}{log(1+0.09)$

-15.00004401

same as (2) solved using excel

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C 80,518.00

time 8

rate 0.06000009

$80518 \times \frac{1-(1+0.0600000899864588)^{-8} }{0.0600000899864588} = PV\\$

PV $500,000.0000

$PV \div \frac{1-(1+r)^{-time} }{rate} = C\\$

PV 250,000

time 4

rate 0.1

$250000 \div \frac{1-(1+0.1)^{-4} }{0.1} = C\\$

C $ 78,867.701

4 0

3 years ago

Arnold and helga decide to start selling homemade jewelry on etsy to earn some extra income. however, the materials they use are

Soloha48 [4]

The answer in the space provided is the economies of scale because this is what they will likely experience when there is a presence of expansion of size in operation with the business that they have started and operated which is the homemade jewelry.

3 0

2 years ago