Answer:
The correct answer is all three options.
Explanation:
If price is reduced, the total revenue of perfectly competitive firm will not decline because a reduction in price will lead to increase in demand.
A monopoly firm is a price maker. It has a downward sloping demand curve. The demand curve is relatively elastic which means the firm needs to decrease price in order to sell more.
A firm in perfectly competitive market faces a horizontal demand curve,which means it can supply an level of output at the given price.
The demand curve in perfect competition reflects average revenue, marginal revenue and price. So, the price is equal to average and marginal revenue.
In a monopoly, the demand curve represents price and is higher than marginal revenue curve.
Answer:
The expected cost of goods sold for the month of October would be $9700
Explanation:
Formula for taking out cost of goods sold (October) -
BEGINNING INVENTORY
+
PURCHASING MADE
+
ENDING INVENTORY
Available information - beginning inventory = $2300
purchase = $8700
ending inventory = $1300
Putting the values in the formula -
= $2300 + $8700 - $1300
= $9700
Just place the points where it says to
Answer:
No Account Titles and Explanation Debit Credit
A. Raw material inventory $13,800
Direct material price variance $740
($13,800 - $13,060)
Account payable $13,060
(To record purchase of materials)
B. Work in process inventory $13,780
6,890 * ($13,800/6,900)
Direct material quantity variance $220
($13,780 - $13,560)
Raw materials inventory $13,560
6,780 * ($13,800/6900)
(To record materials issued to production)
The first once is c and and is a
