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3 years ago

A firm in a purely competitive labor market is a wage taker because

Business

1 answer:

zubka84 [21]3 years ago

6 0

Answer:

employees don't accept the wage if the firm goes for lower wages.

Explanation:

A purely competitive labor market means that employees have more bargaining power in the employer-employee relationship. They usually wouldn't settle for the wage initially offered by employers, which is mostly low at the start. They gave the impact to influence the wage, due to the labor market structure (high need for labor, or decreased number of competitive employees). Therefore, the firms in that kind of labor market are wage takers.

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Not sure but because I don’t know your answer right now I’ll make sure to know it next time.

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3 years ago

What's going on here? As soon as Dewey Cheatum and Howe Motors increase the prices on their SUVs, then so does their only compet

Vedmedyk [2.9K]

Answer: Oligopolistic Competition

Explanation:

Here, in this particular case we can state that the competition that persists in this scenario is Oligopolistic Competition. It is referred to as the situation in a market under which there tend to be only few sellers that further sell a differentiated product, here the seller tends to have higher percentage of market control and thus they further cannot allow themselves to disregard the conduct of other sellers.

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3 years ago

Someone help me please?

laila [671]

Answer:

a) Cost of goods Manufactured = $610,000

b) Cost of sales = $ 580,000

c) Net income = $ 140,000

Explanation:

a) Ferruccio Fashion

Schedule of Cost of Goods Manufactured

For the Year Ended 12/31/X2

Particular $ $

Direct Materials:

Raw Materials, 1 January 40,000

Add: Purchase 180,000

Materials available for use 220,000

Less: Raw materials, 31 December 25,000

Materials used 195,000

Direct Labor 200,000

Prime Costs 395,000

Manufacturing Overhead:

Indirect Material 11,000

Indirect Labor 16,000

Plant Utilities 40,000

Depreciation, plant and equipment 60,000

Other 78,000 205,000

Total Manufacturing Costs 600,000

Add: Work-in-progress, 1 January 40,000

Less: Work-in-progress, 31 December (30,000)

Cost of goods manufactured 610,000

b) Ferruccio Fashion

Schedule of Cost of sales

For the Year Ended 12/31/X2

Particular $

Finished goods inventory, 1 January 20,000

Add: Cost of goods manufactured (From a) 610,000

Goods available for sale 630,000

Less: Finished goods inventory, 1 January (50,000)

Cost of sales 580,000

Now, this cost of sales will be used to find gross and net profit.

C) Ferruccio Fashion

Income Statement

For the Year Ended 12/31/X2

Particular $

Sales Revenue 945,000

Less: Cost of sales (From part B) 580,000

Gross Profit 365,000

Less: Selling and administrative expenses 145,000

Income before income tax 220,000

Less: Income tax expense 80,000

Net Income 140,000

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4 years ago

A liquidity ratio measures the Group of answer choices income or operating success of an enterprise over a period of time. abili

mr Goodwill [35]

Answer:

short-term ability of the enterprise to pay its maturing obligations and to meet unexpected needs for cash

Explanation:

A liquidity ratio can be regarded as type of financial ratio which is been utilized in determination of a ability of a company to pay out its short-term debt obligations. The metric is way to determine if there is a possibility for company to use its current as well as liquid and assets to cover up for its current liabilities.

It should be noted that A liquidity ratio measures short-term ability of the enterprise to pay its maturing obligations and to meet unexpected needs for cash.

6 0

3 years ago

You price a product at $100. Its cost you s60 to make. What is your percentage margin?

BARSIC [14]

the percentage margin is40%

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4 years ago