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3 years ago

Difference between monopoly and perfectly competitive market structure

Business

1 answer:

zmey [24]3 years ago

5 0

Answer:

see below

Explanation:

1. In a monopoly, one firm dominates a large market. Only one seller is serving a large number of buyers. In a perfectly competitive market structure, many sellers are competing to sell to many buyers.

2. A monopoly has no competition for its products. There are no close substitutes, which leaves customers with no other option but to buy from the monopoly. In perfect competition, sellers sell identical products. There is stiff competition for the product being sold.

3. In a monopoly, there are strong barriers to entry and exit from the market. In a perfectly competitive market, restrictions on entry or exit are absent.

4. The price for a monopoly is always set above the average cost, while in perfect competition, the price set is equal to the marginal cost.

5. A monopoly has full control over its price and can offer different prices to different groups of customers. In a perfects competition, the firms cannot practice price discrimination because they have no control over prices.

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Tems11 [23]

Answer:

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The total willingness to pay is:

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2 years ago

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VashaNatasha [74]

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1. What are the relevant costs and benefits of the two alternatives (accept or reject the special order)

These include special order price, direct materials, direct labor, and variable overhead.

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This will be:

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4 years ago

Seldomridge, Inc., manufactures and sells two products: Product I5 and Product U0. Data concerning the expected production of ea

Dmitry [639]

Answer:

Seldomridge, Inc.

The unit product cost of Product UO under activity-based costing is closest to:

= $2,930.77

Explanation:

a) Data and Calculations:

Direct labor rate = $24.40

Product I5 Product U0 Total

Expected Production 700 200 900

Direct Labor-Hours Per Unit 7.0 10.0

Total Direct Labor-Hours 4,900 2,000 6,900

Total direct labor costs $119,560 $48,800 $168,360

Direct Materials Cost per Unit $116.10 $212.10

Total direct materials cost $81,200 $42,420 $123,620

Activity Estimated Activity Measures

Activity Cost Pools Measure Overhead Product I5 Product U0 Total

Labor-related DLHs $ 246,468 4,900 2,000 6,900

Product testing tests 10,494 500 400 900

Order size MHs 837,660 4,700 4,500 9,200

Total $ 1,094,622

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Product testing $11.66 ($10,494/900)

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Total overhead $494,934

Product UO

Direct labor costs $48,800

Direct materials costs 42,420

Overhead costs 494,934

Total product costs $586,154

Expected production units 200

Unit product cost = $2,930.77

7 0

3 years ago

Difference between monopoly and perfectly competitive market structure ​

Difference between monopoly and perfectly competitive market structure