Answer: For a competitive market, <u><em>if a seller charges more than the going price, buyers will go elsewhere to make their purchases.</em></u>
Explanation:
A perfectly competitive market has the following characteristics:
(a). In this particular market there are many buyers and sellers.
(b). Also each company makes similar product. i.e. the products are identical in nature.
(c). In this market buyers and sellers will have access to perfect information about price. and product.
(d). In a competitive market there are no barriers to entry into or exit from the market.
Therefore , <u><em>if a seller charges more than the going price, buyers will go elsewhere to make their purchases.</em></u>
Answer:
The unadjusted Cost of Goods Sold for the year was: $403,000
Explanation:
<u>Calculation of Cost of Goods Sold</u>
Opening Finished Goods Inventory $38,000
Add Cost of Goods Manufactured for the year $415,000
Less Ending Finished Goods Inventory ($50,000)
Cost of Goods Sold $403,000
Answer:
Explanation:
Consumption $ 670
Investment $ 0
Government Purchases $ 0
Imports $ 1200 (40 bottles * $30)
Exports $ 1000 (200 plugs * $5)
Net Exports $ (200). This is negative as imports are greater than exports.
Gross Domestic Product (GDP) $470.
{GDP formula : Consumer expenditure + Investment expenditure + Government expenditure + Total exports - Total imports.
GDP: 670 + 1000 - 1200 = 470}