<u>Answer:</u> The rate of interest per year is 18.49 %.
<u>Explanation:</u>
To calculate the rate of interest, we use the equation:
where,
Interest paid = $ 53.95
Amount borrowed = $ 700
Rate of interest = ?
Time = 5 months = 
(Conversion factor: 1 yr = 12 months)
Putting values in above equation, we get:
Hence, the rate of interest per year is 18.49 %.
Answer:
Just-in-time inventory method
Explanation:
Just-in-time inventory method accurately forecasts demand for a good or service, so that it requests only for inventory it uses in production process. This method is aimed at reducing inventory storage cost and other expenses associated with having excess inventory on hand.
This method results in smooth operation at reduced cost. To be successful the business must accurately predict demand, and react fast to meet supply obligations.
Answer: one firm, a unique product, price control, and entry barriers. (C)
Explanation:
A pure monopoly is a form of market structure where there is only one company that is the single source for a product and no close substitutes for the product. Pure monopolies are rare and for a pure monopoly to exist, there must be barriers to entry which prevents competitors.
Monopolistic competition is a form of imperfect competition where there are many producers selling products which are differentiated from one another maybe by quality or branding and therefore are not perfect substitutes. Monopolistic competition has fewer firms, some price control.
