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igomit [66]
3 years ago
13

The shape of the perceived demand curve for a perfectly competitive firm reflects that firm's ability to: Group of answer choice

s raise its price without losing all of its customers. lose fewer customers than a monopoly that raised its prices. sell any quantity it wishes at the prevailing market price.
Business
1 answer:
Paladinen [302]3 years ago
7 0

Answer:

sell any quantity it wishes at the prevailing market price

Explanation:

A perfect market for competition is a market which has a high degree of competition.

It has the following features

1. With regard to the market, information is great in this rivalry between producer and customer.

2. Free entrance, and exit

3. Deals with same or homogeneous products

4. The buyers and sellers are more in this market

5 There is no transport cost exist

Plus we know that demand curve for perfectly competitive firm is elastic as the firm is price taker and reflected in a horizontal line

Hence, the last option is correct  

You might be interested in
The World Trade Organization (WTO) has an important role in international trade. From the list below, select all statements abou
AleksandrR [38]

Answer:

Letter A

Explanation:

The main objective of the WTO is to promote the liberalization of world trade, reducing or extinguishing trade and customs barriers to facilitate economic exchanges at the international level. The agreements involve trade in goods, services, and intellectual property.

It is also important to know that currently, the World Trade Organization has 156 member countries.

5 0
3 years ago
On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and $325,000, respecti
cupoosta [38]

Answer:

Journal entry to record the Sale of Patent

Debit : Cash $750,000

Credit : Patent at Book Value $120,000

Credit : Profit and Loss $630,000

Journal entry to record the Sale of Equipment

Debit : Cash $325,000

Debit : Profit and loss $75,000

Debit : Accumulated depreciation $150,000

Credit : Equipment at Cost $550,000

Explanation:

During a sale transaction the entity recognizes 1. The Cash Proceeds resulting from the sale, 2. The Profit or loss resulting from the sale, 3.The entity derecognizes the Cost or Book Value of the Asset as well as the Accumulated depreciation.

A profit of $630,000 has been earned as a result of the sale of the Patent, whereas a loss of $75,000 has been incurred as a result of sale of Equipment.

8 0
3 years ago
Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and fac
Nezavi [6.7K]

Answer:

Answer is explained in the explanation section below.

Explanation:

Solution:

a.

In part a, we need to find the following 3 requirements:

1. Direct Materials Price Variance

2. Direct Materials Quantity Variance

3. Total Direct Materials Cost Variance

Direct Materials Price Variance:

It can be calculated by using the following formula:

DMPV = AQ multiplied by (AP minus the SP)

Where,  

DMPV = Direct Materials Price Variance

AQ = Actual Quantity

AP = Actual Price

SP = Standard Price

We do have all the data, so just plug in the values into the above equation to get the DMPV.

AQ = 101,000

AP  = 6.50 USD

SP = 6.40 USD

So,

DMPV = 101,000 ( 6.50 - 6.40)

DMPV = 10,100 USD

Direct Materials Quantity Variance:

DMQV = SP ( AQ - SQ )

Where,

DMQV = Direct Materials Quantity Variance = ?

SP  = Standard Price  = 6.40 USD

AQ = Actual Quantity  = 101,000

SQ = Standard Quantity  = 100,000

Plugging in the values:

DMQV  = 6.40  ( 101,000 - 100,000)

DMQV = 6400 USD

Total Direct Materials Cost Variance:

DMCV = SMC - AMC

Where,

DMCV =  Direct Materials Cost Variance = ?

SMC = Standard Market Cost = 6.40 USD x 100,000

AMC = Actual market Cost = 6.50 USD x 101,000

DMCV = (6.40 USD x 100,000) - (6.50 USD x 101,000)

DMCV = 640,000 - 656,500

DMCV =  16,500 USD

b.

For part b, we need following particulars:

1. Direct Labor Rate Variance (DLRV)

2. Direct Labor Time Variance (DLTV)

3. Direct Labor Cost Variance  (DLCV)

Direct Labor Rate Variance (DLRV) :

DLRV = (ADLR - SDLR) x ADLH

Where,

ADLR  = Actual Direct Labor Rate = 15.40 USD

SDLR = Standard Direct Labor Rate = 15.75 USD

ADLH = Actual Direct Labor Hour = 2000

So,

DLRV = (ADLR - SDLR) x ADLH

DLRV =  (15.40 USD  - 15.75 USD  ) x 2000

DLRV = 700 USD

Direct Labor Time Variance (DLTV):

DLTV = ( ADLH - SDLH ) x SDLR

SDLH = Standard Direct Labor Hour = 2080

DLTV = ( 2000  - 2080 ) x 15.75 USD  

DLTV = 1260 USD

Direct Labor Cost Variance  (DLCV)

DLCV = SDLC - ADLC

SDLC = Standard Direct Labor Cost  

ADLC = Actual Direct Labor Cost

DLCV =  (1540 x 2000) - (15.75 x 2080)

DLCV = 1960 USD

c.

For Part c, we need following:

1. variable factory overhead controllable variance (VFOCV)

2. fixed factory overhead volume variance (FFOVV)

3. Total factory overhead cost variance (TFOCV)

variable factory overhead controllable variance (VFOCV):

VFOCV =  AFO - B

Where,

AFO = Actual Factory Overhead  = 8200

B = Budgeted Allowance Based on Standard Hours Allowed = 4160x0.5x4

B = 8320 USD

VFOCV =  8200 - 8320  

VFOCV =   120 USD

fixed factory overhead volume variance (FFOVV) :

FFOVV = (S - BH ) x SOR

Where,

S = Standard Hours for actual output = 4160 x 0.5

BH = Budgeted Hours = 2080

SOR = Standard Overhead Rate = 6 USD

FFOVV = (4160 x 0.5  - 2080) x 6

FFOVV =  0 USD

Total factory overhead cost variance (TFOCV):

TFOCV = AFO - SO

Where,

AFO = Actual Factory Overhead = 20,200

SO = Standard Overhead = 2080 x 10

TFOCV =  20,200 - ( 2080 x 10  )

TFOCV =  600 USD

7 0
3 years ago
For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to
vagabundo [1.1K]
The answer is $230,000. For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to $230,000
8 0
3 years ago
On January 1, 2020, Sheridan Company sold 10% bonds with a face value of $2750000. The bonds mature in five years, and interest
kodGreya [7K]

Answer:

$227,591.04

Explanation:

The computation of the interest expense is shown below;

The interest expense on the face value

= $2,750,000 × 10% × 6 months ÷ 12 months

= $137,500

And, the interest expense on the sale value

= $2,973,100 × 8% × 6 months ÷ 12 months

= $118,924

Now the closing balance would be

= $2,973,100 - $137,500 - $118,924

= $2,716,676

Now the interest on the same is

= $2,716,676 × 8% × 6 months ÷ 12 months

= $108,667.04

Now the interest expense is

= $108,667.04 + $118,924

= $227,591.04

7 0
3 years ago
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