Market structure is defined with characteristics of the market and there are four different market structures: perfect competition, oligopoly, monopoly and contestable market.
<span>Perfect competition is a market structure in which there is a large number of small firms who produce identical goods otherwise known as homogenous goods and it has a lot of buyers. The competition between these firms is huge, because they are many firms and each of them wants to attract more buyers.</span>
Oligopoly is a market structure in which there is a small amount of large firms, for example the supermarket industry. There are not so many buyers as in the perfect competition, but buyers can still choose from which supermarket, for example, they will buy. So there is a competition between the firms.
In economics, a factor of production, resource, or input is what is used in a production process to produce products, i.e. goods or services.
The amounts of various inputs used determine the amount of output according to a relationship known as the production function. The relationship between the inputs a firm uses and the maximum output it can produce with those inputs is called the firm's production function. Factors of production are outputs or inputs used to produce goods and services. They are the resources a business needs to make a profit by producing goods and services. Factors of production fall into four categories: Land, Labor, Capital, Entrepreneurship.
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Answer:
$171,619.20
Explanation:
Calculation to determine what The budgeted accounts payable balance at the end of November is closest to:
Using this formula
Budgeted accounts payable balance= Budgeted cost of raw materials purchases in November -(Budgeted cost of raw materials purchases in November*Raw materials purchases in the month of purchase percentage)
Let plug in the formula
Budgeted accounts payable balance=$286,032 - ($286,032*40%)
Budgeted accounts payable balance=$286,032 - $114,412.80
Budgeted accounts payable balance= $171,619.20
Therefore The budgeted accounts payable balance at the end of November is closest to:$171,619.20
Answer: Plainly put, extreme income inequality, such as the kind found in Sub-Saharan Africa and South Asia, cause economic inefficiency. The relatively wealthy tend to save a much higher proportion of their income than the poor. In order to grow economically, a society must have robust rates of consumption. However, if most of the wealth of a country is owned by a very small percentage of its population, that wealth is saved, not spent. These savings are then invested by individuals and financial institutions.
Explanation:
Answer:
B. The value of the next most valuable opportunity.
Explanation:
The opportunity cost of an investment is the value of the next most valuable opportunity.
