Answer:
d
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
Perfectly competitive market consists of a large number of firms, and each firm is small relative to the entire market. This makes firms unable to set the prices for their goods.
It is the monopoly and oligopoly market structure that is characterised by high entry and exit into the market
Answer:
The answer is B. included in U.S. GDP because they are produced domestically
Explanation:
Exports are included in the gross domestic product as the production is done locally. Apart from exports, imports are included in the GDP as well.
Answer:
You should buy the car.
Explanation:
Note: See the attached excel file for the worksheet that shows calculations of the present values of the Lease and Buy Options.
In the attached excel file, we have:
Net present value of Lease Option = $3,654.01
Total present value of Buy Option = $4,135.47
Difference = Total present value of Buy Option - Present value of Lease Option = $481.46
The Difference above shows that the total present value of Buy Option is greater than the net present value of Lease Option by $481.46.
Since the total present value of Buy Option of $4,135.47 is greater than the net present value of Lease Option of $3,654.01, you should buy the car.
Answer:
The answer is: $350,000
Explanation:
When Alin Co. establishes the total cost of the building it just purchased, it must include all of the following:
- building's purchase value $300,000
- associated closing costs $30,000
- building improvements and renovations $20,000
So the total cost of the building is $300,000 + $30,000 + $20,000 = $350,000
Answer:
Budgeted direct labor cost for July = $4,278
Explanation:
Given:
Production in July = 230 units
Hours of direct labor = 1.5 hours per unit
Direct Labor rate = $12.40 per hour
Indirect labor rate = $19.40 per hour.
Find:
Budgeted direct labor cost for July
Computation:
Budgeted direct labor cost for July = (Production in July)(
Hours of direct labor)(
Direct Labor rate)
Budgeted direct labor cost for July = (230)(1.5)(12.4)
Budgeted direct labor cost for July = $4,278
