Year 3 i just took the test trust me it is year 3
When the price of a commodity is $11, where 1250 units are being bought and sold in a perfectly competitive market, the market price of the commodity will increase from its original price if the market is monopolized.
<h3>What is a perfectly competitive market?</h3>
In a market where there are less to zero restrictions for entry and exit of buyers and sellers in the market dealing in similar commodities, then such a market is known as a perfectly competitive market.
There is no pricing power in the hands of the buyers and sellers in the market, as there is no minimum or maximum limit on the number of sellers in the market, so the supply is not restricted in such a market.
Hence, it can be concluded that market prices are stable in a perfectly competitive market, and it generally increases in a monopolistic market.
Learn more about a perfectly competitive market here:
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Answer: account receivable account
Explanation:
The accounts receivable account simply refers to an asset account on the balance sheet which represents the money that is due to a business in the short term. It should be noted that the accounts receivables are created when goods are bought on credit by the buyer.
In such case, when the goods are sold on credit to the buyer, this will lead to a debit on the account receivable account and this will bring about an increase to the company's assets.
Answer: Limited liability company
Explanation:
In such a structure the owners and the firm are considered separate. The owners in a LLC could not be held personally liable for the debts and liabilities of their company.
The companies have the limited liability feature of the corporations while the profit distribution method depicts partnership structure.
In the given case, Toby and Keith wants to distribute profit among them and also do not want to raise any outside capital. Also they want limited liability in their organisation.
Hence a Limited liability company is an appropriate choice for them.
Answer:
The contribution margin per unit is $7
Explanation:
The contribution margin per unit can be defined as the difference between the selling price per unit and the variable cost per unit.
Contribution margin per unit = Selling price - Variable cost
Contribution margin per unit = $12 - $5
Contribution margin per unit = $7
The contribution margin per unit is $7
