Answer:
there is no deadweight loss.
Explanation:
In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.
This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.
Generally, a perfectly competitive market is characterized by the following features;
1. Perfect information.
2. No barriers, it is typically free.
3. Equilibrium price and quantity.
4. Many buyers and sellers.
5. Homogeneous products.
Examples of a perfectly competitive market are the Agricultural sector, e-commerce and the foreign exchange market.
Hence, if equilibrium is achieved in a competitive market then, there is no deadweight loss i.e a loss of economic efficiency due to a lack of balance in competing economical influences for goods or services.
Answer:
$22,500
Explanation:
Given that,
During the year, Cost of shipping inventory to the Ski Outfit = $92,500
By the end of the year, amount of merchandise sold to customers = $70,000
Mogul will repeat inventory at the year end:
= Cost of inventory sent to consignee - Cost of inventory sold by consignee
= $92,500 - $70,000
= $22,500
Therefore, the amount of inventory will Mogul report at year end is $22,500.
Answer:
Work specialization.
Explanation:
Is an organizational structure. Work specialization is the degree to which task in the organization are divided into separate jobs with each step completed by a different person.
The theory of Work specialization is: breaking down large jobs into smaller components, and delegating different parts to individual workers.
Most managers today see work specialization as an important organizing mechanism as it helps employees to be more efficient.
Saves time by eliminating the need to switch between jobs.
Joel is asked to provide a description of his neighbor's car after the car and the neighbor both disappear. he is surprised to find that he really can't accurately recall the make of the car or any special details that might help in identifying it. in this case, joel may be experiencing <u>Pseudoforgetting.</u>
