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Minchanka [31]
3 years ago
5

n the theory of perfect competition, the assumptions of many buyers and sellers, the production of a homogeneous product, and th

e possession of all relevant information by buyers and sellers imply that the perfectly competitive firm a. has a demand curve that is perfectly inelastic. b. has a demand curve that is perfectly elastic. c. sets the price it wishes. d. has a demand curve that is downward sloping
Business
1 answer:
Ne4ueva [31]3 years ago
7 0

Answer:

b. has a demand curve that is perfectly elastic. c. sets the price it wishes

Explanation:

Elasticity of demand is a measure of the degree of change in quantity demanded to changes in price.

For a perfectly elastic demand it means that an infinite quantity of a product will be required by consumers at a particular price. The perfectly elastic demand curve is usually horizontal.

In perfectly competitive markets elasticity of demand is perfectly elastic because there are many buyers and sellers, production of a homogeneous product, and the possession of all relevant information by buyers and sellers.

So prices between products tend to be the same

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One of the most important features of a filing and record keeping system is that it works for you and meets your needs true or f
MA_775_DIABLO [31]

Answer:

True

Explanation:

In record keeping using the filling method, it is done in-order to keep track of all the important documents and information regarding to the company. <em>This record keeping system could employ the manual method or writing with hand or the electronic method of storing such information using the computer or other electronic device.</em>

7 0
3 years ago
Newtech inc. hires john for the position of a software programmer to work on their new project. salary paid to john by newtech i
lakkis [162]
The answer is C. Direct costs.

Hope this helps
7 0
3 years ago
Shannon Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories:
adelina 88 [10]

Answer:

please find the answers below

Explanation:

Shannon corporation:

The inventory cycle of is composed of 3 phases:

1. Ordering / purchases

2. Production

3. Finished good / sales

The ordering phase is when the company orders goods and the time it takes to receive the raw materials.

The production phase is the work in process phase when the raw materials are converted into finished goods.

The finished goods/ sales phase is the time it takes to sell the goods that were manufactured.

Journal entries in a manufacturing company are used to record transactions. Adjusting journal entries are used to recognize costs and revenues in the correct period.  

Dr Work – In - process                            $75, 000

Cr Inventory- Direct materials                                   $$75, 000

Recording actual direct materials used

Dr Wages Payroll                           $55, 500

Cr Cash /Bank                                            $55, 500

Recording direct labor wages incurred

Dr Manufacturing overhead          $3, 500

Cr Inventory- Indirect materials                  $3, 500

Recording the cost of indirect materials incurred

Dr Manufacturing overhead         $49, 000

Cr Cash/ Bank                                    $49, 000

Recording wages payable to supervisor and engineer

Dr Manufacturing overhead         $13, 000

Cr Cash/ Bank                                                 $13, 000

Plant utilities and repairs taken to manufacturing overhead

Dr Manufacturing overhead                $11, 000

Cr Accumulated depreciation – plant                 $11, 000

Record depreciation on factory plant

Dr Finished goods                                $190, 000

Cr Work – In – Process                                            $190, 000

Record of jobs completed (cost of goods manufactured)

Dr Work – in – process                       $76, 500

Cr Manufacturing overhead                                   $76, 500

Record overhead applied to production

[$3, 500 + $49, 000 + $13, 000 + $11, 000 = $76, 500]

Dr Cost of goods sold                         $145, 000

Cr finished goods                                                        $145, 000

Record cost of jobs or goods completed and sold

8 0
3 years ago
Arthur owns a tract of undeveloped land (adjusted basis of $145,000) which he sells to his son, Ned, for its fair market value o
Dovator [93]

Answer:

Arthur’s recognized gain or (loss) = $0

Ned’s basis in the land = $105,000

Explanation:

As the adjusted basis for Arthur was $145,000 and he sold it for $105,000 hence, there is no gain. Ned basis is the fair market value at which he purchased the tract of land.

4 0
3 years ago
1. Merage Company is considering investing in a new project. The project will need an initial investment of $2,100,000 and will
Bumek [7]

Answer:

1. 32.68%

2 .C. Two years

Explanation:

1. Using Excel or a scientific calculator, you can calculate the IRR which is the discount rate that makes the Net Present Value to equal $0.

= IRR(-2100000,1200000,1200000,1200000)

= 32.68%

2. The Payback period is how long it takes for the cash inflows to pay off the original investment.

Original Investment = -$2,000

After year 1 = -2,000 + 600 = -$1,400

After year 2 = -1,400 + 1,400 = $0

It took 2 years to payback the original investment so Two years is the Payback period.

8 0
3 years ago
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