A perfectly competitive market is a market where all competitors are very small businesses, supply prices are perfectly elastic, all goods sold are the same(no branding), abnormal profits can only be made in the short run
Perfect competition is a theoretical model so there is no real world example in our world an example I find easy is the milk market since the good is the same no matter the brand and the amount of branding is minimal and there is usually a good amount of competitors in a country
Answer:
$0.36
Explanation:
Expected value of the lottery ticket = (p1 x a1) + (p2 x a2) + (p3 x a3) + (p4 x a4)
p1 = probability of winning $1 = 1/5 = 0.2
a1 = $1
p2 = probability of winning $5 = 1/100 = 0.01
a2 = $5
p3 = probability of winning $1000 = 1/100,000 = 0.00001
a3 = $1000
p4 = probability of winning $1 million = 1/10,000,000 = 0.0000001
a4 = $1 million
(0.2 x 1) + (0.01 x 5) + (0.00001 x 1000) + (1,000,000 x 0.00001) = $0.36
C because I
Had this question
Answer:
c. $15,065
Explanation:
In bank reconciliation the book balance is adjusted using some adjustments made by the the bank and still pending by the business. We make an adjusted balance of cash book balance and bank statement balance to reconcile the amounts.
Cash balance per book 6/30 $13,000
+ Note receivable $4,000
- Bank charges $35
- NSF check <u>$1,900 </u>
Adjusted Cash book balance <u>$15,065</u>
Note receivable is received in the bank but not been recorded by the business. It will be added to the balance because it will increase the balance.
Bank charges are deducted by the bank but not been recorded by the business it will be deducted.
NSF check have already added by the balance but its not been cleared. So it needs to be deducted form the Book balance.