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seraphim [82]
3 years ago
13

For each of the following characteristics, indicate whether it describes a perfectly competitive firm, a monopolistically compet

itive firm, both, or neither. (Note: If the characteristic describes neither, leave the entire row unchecked.) Characteristic Perfectly Competitive Monopolistically Competitive Sells a product identical to those of its competitors Can earn economic profit in the short run Produces above the minimum average total cost in the long run Charges a price that is the same as marginal cost Produces welfare-maximizing level of output Has marginal revenue less than price
Business
1 answer:
KengaRu [80]3 years ago
4 0

Answer:Please see below for answers

Explanation:A perfectly competitive market exist where there are many buyers and sellers with homogeneous products, and no restrictions to the entry and exit of the market. In the short run of this market, economic profits are attainable even though they vary and is the factor that determines whether to exit or remain in the market.  Here, Price = Marginal cost equal Marginal Revenue.

 A monopolistic market occurs  where many sellers with slight different products exists having slight  influence to set the price according to firm's preference, and  no significant barriers to entryof the market.

--Sells a product identical to those of its competitors----Perfectly competitive

---Can earn economic profit in the short run------Both  Monopolistically and Perfectly competitive

---Produces above the minimum average total cost in the long run----- Monopolistically  Competitive

--Charges a price that is the same as marginal cost ----Perfectly competitive firm

--Produces welfare-maximizing level of output -----Perfectly competitive

---Has marginal revenue less than price----Monopolistically  Competitive

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Here Woods accountant has made the error of debiting the cost of $500 on the asset account ( equipment) , which shouldn't have happened  as the asset accounts have natural debit balance which means that when an amount is debited to the asset account it will increase the value of the asset.

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Use the following information:Net sales $ 240,000Cost of goods sold 172,000Beginning inventory 53,000Ending inventory 43,000Calc
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The inventory turnover ratio is 3.58 times

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AysviL [449]
Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.

The statement "<span>Freight-in and purchase returns and allowance are not deducted from purchases to determine the net delivered cost of purchases. " is true </span>
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Irish Corporation issued (sold) 15,000 shares of common stock for $65 per share. The bylaws established a stated value of $5 per
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