The type of situation that describe a situation where government does not impose quotas on what can be imported is known as free trade.
<h3>What is free trade?</h3>
Free trade is an agreement between two or more countries to remove trade barriers or restrictions . This enable member countries trade freely without any impediment to import and export of goods.
Countries come together to promote their goods and services by taking away any thing that could hinder import and export of goods among member nation. This bring about increased efficiencies.
Hence, the type of situation that describe a situation where government does not impose quotas on what can be imported is known as free trade.
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A competitive market refers to a market where there is no monopoly of producers of goods and services, therefore, competition is high because they all have mission to satisfy the wants of a large consumers.
The characteristics of a competitive market are:
- Homogeneity of product: The product are made by different producers and encourages competition.
- There are existence of many buyers and sellers in the market.
- There is an access to derive perfect information on price of a product at any outlet in the market.
- There are no charges for transaction costs in a competitive market
- No barriers to entry into or exit.
In conclusion, there is no producers which can affect the market price through its supplying rate because there are excess supply of similar product in the market.
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Answer:
$175,808
Explanation:
P=R (1-(1+i)^-n)/i
Where P=780,000*90%=$702,000
R=?
i=8%
N=5 years
By putting above values in formula, we get
P=R(1-(1+.08)^-5)/.08
702,000=R*3.993
R=702,000/3.993
R=$175,808
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