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3 years ago

What does zero economic profit mean in a perfectly competitive market in the long run?

1 answer:

7 0

The existence of economic profits attracts entry, economic losses lead to exit, and in long-run equilibrium, firms in a perfectly competitive industry will earn zero economic profit. ... It will induce entry or exit in the long run so that price will change by enough to leave firms earning zero economic profit

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Markup represents an amount needed to cover operating expenses. a. True b. False

Illusion [34]

Operating expenses are taken from the normal business operation such as administrative or selling expense. It is part of the operating cost. Markup is defined as the amount added to the cost of goods to fix a selling price. So, to answer the question above: True.

8 0

3 years ago

Suppose that Greece and Switzerland both produce beer and olives. Greece's opportunity cost of producing a crate of olives is 5

Rama09 [41]

Answer:

Out of the following prices, the price of 7 barrels of beer per crate of olives would make the trade beneficial for both Greece and Switzerland.

Explanation:

As we know that in Greece, a single crate of olive costs five barrels of beer. Where on the other hand, in Switzerland, one crate of olive costs ten barrels of beer.
Hence, if Greece agrees on giving one crate of olives on every seven barrels (two barrels more than what it costs in Greece), the trade would be beneficial for Greece.
Similarly, if one crate of olives costs seven barrels of beer instead of ten barrels, the trade would be beneficial for Switzerland too.

3 0

3 years ago

What are the steps for the software engineering institute model for risk management?

Dahasolnce [82]

Answer:

Explanation:

Identify, analyze, plan, track, and control

4 0

3 years ago

On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees

Elanso [62]

Answer:

Please check the images attached below

Explanation:

Salaries Payable = (Salariesexpense - Socialsecurity taxes - Medicaretaxes - Incometaxes - MedicalcareInsurance Education - Union dues)

=$28,000−$1,736−$406−$3,800−$678−$190

=$28,000−$6,810

=$21,190

Hence, the salaries payable are $21,190.

Compute the social security taxes using the equation as shown below:

\begin{array}{c}\\{\rm{Social security taxes}} = {\rm{FICA tax rate}} \times {\rm{Salaries expense}}\\\\ = 6.2\% \times \$ 28,000\\\\ = \$ 1,736\\\end{array}

Socialsecuritytaxes=FICAtaxrate×Salariesexpense

=6.2%×$28,000

=$1,736

Hence, social security taxes are $1,736.

Compute the Medicare taxes using the equation as shown below:

Medicaretaxes=Medicaretaxrate×Salariesexpense

=1.45%×$28,000

=$406

Hence, Medicare taxes are $406.

4 0

3 years ago

Jan and Sam have all of their 2018 tax documents ready to bring to George to prepare their return. These documents include a W-2

Nonamiya [84]

Answer:

The answer is b. $104,800

Explanation:

W-2 for Jan $52,300+ Sam $48,700 + canceled debt income of $1,800 + state lottery winnings of $2,000 = $104,800

7 0

3 years ago