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ivolga24 [154]
3 years ago
14

In a perfectly competitive market, all producers sellidentical goods or services. Additionally, there arefew buyers and sellers.

Because of these two characteristics, both buyers and sellers in perfectly competitive markets are pricetakers . True or False: The market for lettuce exhibits the two primary characteristics that define perfectly competitive markets.
Business
1 answer:
Katen [24]3 years ago
7 0

Answer:

false

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.  

In the long run, firms earn zero economic profit.  If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.  

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.  

While the market for lettuce sells identical items, there are many buyers and sellers

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During the second year of the equipment’s life, $21,900 cash is paid for a new component expected to increase the equipment’s pr
Alona [7]

Answer:

   S/N              ACCOUNT                                 DEBIT                  CREDIT

      1             Equipment                                   $22,000

                        Cash                                                                     $22,000  

                    Being payment for new component expected to increase the

                    equipment’s productivity by 10% a year

      2.           Equipment Repairs expenses      $6,250

                       Cash                                                                          $6,250

                    Being payment for equipment repair

     3.            Equipment                                       $14,870

                       Cash                                                                          $14,870

                    Being payment for equipment repair to prolong the useful life

                    the asset

Explanation:

The initial cost incurred in acquiring an asset is debited to asset account, subsequently every other cost spent on the assets are either expenses against the earning of that period or expensed over many years over the useful life of the asset.

Capitalization is the recognition of an expense as an asset in the balance sheet rather than expenses in the income statement.

The payment of $22,000 paid for the equipment productivity must be capitalized, that is added to the cost of the asset because it is a cost that is  expected to increase the equipment’s productivity by 10% a year.

The  $6,250  paid for normal repair is a revenue items which is to be expensed against the earning of that period.

The $14,870 paid for repairs which will increase the useful life of the equipment from four to five years is a capital expenditure which should capitalized, that is added to the cost of the asset.

7 0
3 years ago
Explain . does consumption being contentment?
Vlad1618 [11]

Answer: No.

Explanation: Consumption is not contentment because one can consume something without been satisfied of that either because it wasn't what was expected as in the taste.

8 0
3 years ago
A​ BBB-rated corporate bond has a yield to maturity of 7.7 %. A U.S. treasury security has a yield to maturity of 6.3 %. These y
ArbitrLikvidat [17]

Answer:

The price as a percentage of the treasury stock is 104.23%

The price as a percentage of the BBB-rated corporate bond is 98.37%

The credit spread on the bond is 1.40%

Find detailed computations in the attached.

Explanation:

The credit spread on BBB-rated corporate bond is the difference between its effective interest rate and the interest rate on the U.S government treasury security,that is:

7.7%-6.3%=1.40%

Note that the par value of a bond is usually $1000.

Download xlsx
5 0
2 years ago
Presented below is information for Ivanhoe Co. for the month of January 2022. Cost of goods sold $221,000 Rent expense $33,500 F
zhenek [66]

Answer:

Sales Revenues   392,500

Sales Returns        (20,000)

Freight outs     <u>         (9,700)   </u>

Net Sales              362,800‬

Cost of good sold (221,000)

Gross profit             141,800

Operating Expenses

Rent expense                          (33,500)

nsurance expense                   (14,600)

Salaries and wages expense<u> (63,400)  </u>

Operating Income                    30,300‬

Income tax expense                  (4,300)

Net Income                                26,000

Other comprehensive income    2,000

Comprehensive Income           28,000

Explanation:

the OCI is listed after-taxed thus do not change the total income tax expense

comprehensive income will be the sum of both concepts net income and OCI

3 0
3 years ago
The Fan Cost Index​ (FCI) represents the cost of four​ average-price​ tickets, refreshments, and souvenirs to a sporting event.
Mashcka [7]

Answer:

The hockey FCI is $53.57 and the golf FCI is 45.12$.

Explanation:

The hockey FCI (HFCI) is $8.45 more expensive than the golf FIC (GFCI). You know that both FICs are in total: $98.69.  

1- Subtract $8.45 from the total of $98.69: $90.24.

2- Split the remaining amount in half: $90.24/2: $45.12.  

3- The HFCI is $45.12 + $8.45: $53.57.

   The GFCI is $45.12.  

If you add both FCIs you should get the total $98.69:

$53.57 + $45.12: $98.69$

The hockey FCI is $53.57 and the golf FCI is 45.12$.

I hope this answer helps you!

6 0
3 years ago
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