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3 years ago

Monopolies can earn positive economic profits in the long run while monopolistically competitive firms cannot due to

Business

1 answer:

inessss [21]3 years ago

4 0

Answer:

barriers to entry in monopoly but not in monopolistic competition.

Explanation:

Imagine a situation where a monopolistically competitive firm is doing very well and is able to earn economic profit (profits higher than normal) in the short run. Since this company is earning higher than normal profits, other companies will enter the market and start competing against them hoping to get a piece of that abnormally high gain. As more competitors enter the market, economic profits will start to decrease until finally they are eliminated.

Since monopolies do not face competition, they can earn economic profits in the long run.

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The income elasticity of demand for a food is unity. a consumer's monthly income is $2,000, of which 20 percent is spent on food

Anna11 [10]

Obviously, it becomes half so it'll be 10%
Forgive me if its wrong. im answering as best as i can.

8 0

4 years ago

Gell Corporation manufactures computers. Assume that Gell:

kkurt [141]

Answer:

$83,000

Explanation:

The computation of the actual manufacturing overhead cost is shown below:

= Indirect labor + depreciation on plant + machinery repair + plant supplies + plant utilities

= $11,000 + $48,000 + $11,000 + $6,000 + $7,000

= $83,000

Only these five items would be considered as a actual manufacturing cost. The rest of the items would be ignored

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3 years ago

Oriole Company uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $380

ohaa [14]

Answer:

Adjusting journal entry:

Dr Bad debt expense 19,000

Cr Allowance for doubtful accounts 19,000

Explanation:

accounts receivable balance = $380,000

total credit sales = $1,520,000

6% of accounts receivable will be bad debt = $380,000 x 6% = $22,800

credit balance allowance for doubtful accounts account = $3,800, and it must increase to $22,800 ⇒ $22,800 - $3,800 = $19,000

Adjusting journal entry:

Dr Bad debt expense 19,000

Cr Allowance for doubtful accounts 19,000

Allowance for doubtful accounts is a contra asset account with a credit balance that reduces the value of accounts receivable.

4 0

4 years ago

A good model should: Instructions: You may select more than one answer. Click the box with a check mark for correct answers and

charle [14.2K]

Answer:

1. describe the world accurately

2. predict cause and effect

3. state its assumptions clearly

Explanation:

A good model can be defined as a physical representation of something that is morally good, ideal and perfect.

A good model should;

I. Describe the world accurately: it should be all encompassing in its description of the world at large.

II. Predict cause and effect: it should state why there is a reaction to an action.

III. State its assumptions clearly: it should be concise.

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3 years ago

Liam is writing a request for a letter of recommendation. He is listing all the information the recipient would need to write th

GaryK [48]

Answer:

Explanation:

The body is <em>the longest part of a document or letter</em> and is generally split into three sub-categories: introduction, key material and description.

The introductory section specifies the letter's purpose.

The key material contains all the specific information needed and does not have any fixed duration specifications.

The last section sums up the information given, reaffirms the purpose of the document.

6 0

3 years ago