Answer:
differentiated products.
Explanation:
An oligopoly occurs when a few large firms dominate a market and they aim to maximise profit. The action of one firm has significant effect on the market, so the firm's are interdependent.
There are high barriers to entry including use of government liscences, patents, economies of scale, and actions taken by firms to discourage entry into the market.
However differentiation of products is not a necessary condition for oligopoly. Products can be homogenous or differentiated.
Answer:
The correct answer is option a.
Explanation:
Minimum wages can be defined as the minimum level of wages that an employer is supposed to pay to workers for their work. It cannot be reduced through an individual contract or collective agreement.
Minimum wages are fixed above the equilibrium level of wages. At this level, the demand for labor is lower while supply is more because of high wages. This creates surplus labor in the market.
Answer:
Direct material price variance= $2,500 favorable
Explanation:
Giving the following information:
The standards for each cap allow 2.00 yards of soft for $2.00 per yard. During January, the company purchased 25,000 yards of soft fabric at $2.10 per yard, to produce 12,000 caps.
<u>To calculate the direct material price variance, we need to use the following formula:</u>
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (2 - 2.1)*25,000
Direct material price variance= $2,500 favorable
Answer:
True
Explanation:
The main advantage of a compound interest account is that the interest that you earn also earns interest, so the total amount of earned interest increases.
For example, a $10,000 account earning simple interest at a 4% rate will earn $4,000 in ten years. While the same amount in a compound interest account will earn $4,802.
Answer:
Dr Accounts receivable 3,472
Cr Sales 3,20
Cr Sales tax payable 272
Explanation:
Since $3,200 is the credit sale and the state sales tax rate is 6% while the local sales tax rate is 2.5% which means we have to calculate for 6% of 3,200 as well as 2.5% of 3,200 which is: Sales tax payable
6%×3,200=192
2.5%×3,200=80
192+80= 272
The last step is to Debit Accounts receivable with 3,472 (3,200+272) , Credit Sales 3,200 and Credit Sales tax payable with 272
Far West Services Journal entry
Dr Accounts receivable 3,472
(3,200+272)
Cr Sales 3,200
Cr Sales tax payable 272
