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3 years ago

Characteristics of competitive markets

Business

1 answer:

Greeley [361]3 years ago

7 0

Answer:

Explanation:

First scenario: The answer is No, not many sellers. The drug of the pharmaceutical company has patent right and it is the only firm selling this product. This makes the company a monopolist (single seller)

Second scenario: No, not an identical product. Cable company and phone company produce different products. Cable companies majorly deal with television access.

Third Scenario: no, not many sellers. One firm is dominating the market and customers prefers this. Its product has been differentiated and it can charge its own price.

Fourth scenario: yes,meets all assumptions. The socks are identical and consumers do not care about the seller because the same utility will be derived from the socks.

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Read 2 more answers

Jane was a partner at a law firm earning $223,000 per year. She left the firm to open her own law practice. In the first year of

In-s [12.5K]

Answer:

accounting profit from her first year = $184000

so correct option is D. $184,000

Explanation:

given data

earning = $223,000 per year

generated revenues = $347,000

explicit costs = $163,000

to find out

accounting profit from her first year

solution

we know that accounting profit is the difference between explicit cost and explicit revenue so

we get accounting profit from her first year is as

accounting profit from her first year = generated revenues - explicit costs .................1

put here value we get

accounting profit from her first year = $347000 - $163000

accounting profit from her first year = $184000

so correct option is D. $184,000

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3 years ago

10. If during 2009, the country of Sildavia recorded a GDP of $65 billion, interest payments of $15 billion, imports of $13 bill

uysha [10]

Answer:

$36 Billion

Explanation:

Given:

GDP = $65 billion

Interest payments = $15 billion

Imports = $13 billion

Profits = $7 billion

Exports = $15 billion

Rent = $7 billion

Wages = ?

Computation of Wages:

GDP from Income Method:

GDP = Interest payments + Wages + Rent + Profits

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3 years ago

MC Qu. 128 Leeks Company's product has... Leeks Company's product has a contribution margin per unit of $13.57 and a contributio

Ray Of Light [21]

Answer:

The price of the product is $59

Explanation:

Contribution margin is the net of the selling price and variable cost per unit. Contribution margin ratio is the ratio of contribution per unit to selling price per unit. As given below

Contribution margin ratio = Contribution margin per unit / Selling price per unit

23% = $13.57 / Selling price per unit

Selling price per unit = $13.57 / 23% = $59

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3 years ago