Monopolistic competition is the economic market model with many sellers selling similar, but not identical, products. The demand curve of monopolistic competition is elastic because although the firms are selling differentiated products, many are still close substitutes, so if one firm raises its price too high, many of its customers will switch to products made by other firms. This elasticity of demand makes it similar to pure competition where elasticity is perfect. Demand is not perfectly elastic because a monopolistic competitor has fewer rivals then would be the case for perfect competition, and because the products are differentiated to some degree, so they are not perfect substitutes.
Monopolistic competition has a downward sloping demand curve. Thus, just as for a pure monopoly, its marginal revenue will always be less than the market price, because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence, monopolistically competitive firms maximize profits or minimize losses by producing that quantity where marginal revenue equals marginal cost, both over the short run and the long run.
Bigger companies are more known and have less space to mess up, as a smaller company not as known, are more likely to give up part of the company to other sharrers and i not played smart, could lose the company altogether.
Answer:
A. used by businesses to price unique products for different jobs
As the product are different to each other in properties and materials or are required to be performed in different location (IE: real-state maintenance or construction) We need to follow the cost on a per-job basis
Explanation:
B. used by businesses to price identical products
No when the product are identical we don't need to discriminate over which customer ask the job nor the type of product it was requested.
C. used to calculate equivalent units
NO. That is processing cost
D. used to calculate the percentage of work completed
NO that is a given, we measure the amount of work completed under pretty much any cost method.
Answer:
they provide convenient receipts for purchases
Explanation:
Checks payment is a form of paying bills. They were created to allow people to make payments without carrying large amounts of cash hence convenient for purchases.They are also are safer than other forms of payment as they are traceable; when a transaction occurs and payment is made by checks, banks usually make copies of each check and the owner remains with an underlying copy from the check book.
