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Anettt [7]
3 years ago
6

Which of the following statements best reflects a price-taking firm? a The firm has an incentive to charge less than the market

price to earn higher revenue b If the firm were to charge more than the going price, it would sell none of its goods c The firm can sell only a limited amount of output at the market price befo
Business
1 answer:
MatroZZZ [7]3 years ago
5 0

Answer:

b

Explanation:

A price taking firm is a firm that must sell at the price determined by the forces of demand and supply. This is typical of firms that in industries that sell identical products.

If the firm charges a price higher than equilibrium price, customers would go to other suppliers and the firm would sell known of its product.

There would be no incentive for a firm to sell below equilibrium price because it would be earning losses.

An example of an industry characterised by price taking firms are perfectly competitive industries.

For example, a farmer selling oranges is an example of a price taking firm

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Advantages corporations had over small business included: a. raw material discounts b. reduction of unit cost c. specialists d.
kondaur [170]

Answer:

a. Raw material discounts

b. Reduction of unit cost

c. Specialists

d. Better production methods

Explanation:

a. Corporations have various advantages over small businesses. Because they buy  raw materials in bulk they are able to negotiate volume discount. This gives them more advantage over the small business who cannot buy in bulk.

b. A fall out from the above is reduction of unit cost or average cost, when discount is received it reduces the total cost of material and by implication the unit cost.

c. Because of their size and financial strength, corporation is able to attract qualified employees as opposed to small businesses that are limited by their financial position.

d. Corporations because of their financial strength are able to finance research with view to discovering a better production methods. This may be impossible to small businesses.

8 0
3 years ago
A manufacturer of cellular phones has decided that an assembly line is operating satisfactorily if less than​ 6% of the phones m
Jobisdone [24]

Answer:

The sample of interest is the 30 phones that were sampled and tested from a day's production

3 0
3 years ago
Choose the best and worst answer to the following question:
oee [108]

Answer:

Choose the best and worst answer to the following question:

Suppose your supervisor returns from vacation and notices that the work area looks terrible. You also had the last two days off. He's angry and criticizes you for being careless and sloppy. This wasn't your fault.

What would you do?

Best answer: Let the coworkers responsible know that you had to take the heat.

worst answer: Tell him it wasn't your fault and not to criticize you unjustly.

Explanation:

7 0
3 years ago
Bruce has a credit card that uses the average daily balance method. For the first 9 days of one of his billing cycles, his balan
Mice21 [21]

Answer:

$31.61

Explanation:

In order to determine the amount of interest charged you must first calculate the average daily balance:

average daily balance = [($2,030 x 9) + ($1,450 x 22)] / 31 = $1,618.39

Now we must calculate the daily interest rate:

daily interest rate = 23% / 365 = 0.063%

Finally we multiply the average daily balance times the daily interest rate times the number of days in the billing period:

interest charged = $1,618.39 x 0.063% x 31 days = $31.61

3 0
3 years ago
Stretch goals expect group members to _____.
rewona [7]

Answer:

The answer is work outside their own comfort group as they attempt to understand others’ perspectives.

Explanation:

Stretch goals tend to be a form of job enrichment, where individuals are challenged to perform better than their most recent performance achievement. In the context of group assignment, individuals are challenged to try things outside of their comfort zone. Stretch goals aren’t related to actual physical exercise, thus making answer (B) wrong, and automatically disqualifying answer (D). Nor does it require members to (A) take a break in order to avoid topic-fatigue.  

4 0
3 years ago
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