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KATRIN_1 [288]
2 years ago
10

A Perfectly competitive firm’s entire marginal cost curve is its short-run supply curve." Is this statement true or false?

Business
1 answer:
Sphinxa [80]2 years ago
3 0

Answer:

False.

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.

Hence, 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

A Perfectly competitive firm’s entire marginal cost curve is not its short-run supply curve but only the portion of the marginal cost (MC) curve of the perfectly competitive firm that lies above its average variable cost (AVC) curve would be its short-run supply curve.

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the property's market value is the $210,000

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3 years ago
In the context of opportunity identification and selection, DuPont's discovery of Surlyn, a material with hundreds of potential
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Answer: The correct answer is "B. A new resource".

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The questionnaire used in Fiedler's model to determine leadership orientation is called the
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The LPC (least-preferred coworker scale) <u>measures an individual’s leadership orientation, where high scores have high human relations orientation and low scorers have high task orientation.</u>

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3 years ago
An oral auction has bidders willing to pay $4, $6, $9, $12, $13, and $15 for an item. The winning bidder will pay a little more
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Answer: $13.25

Explanation:

From the question, we are informed that an oral auction has bidders willing to pay $4, $6, $9, $12, $13, and $15 for an item.

Based on the above scenario, the winning bidder will pay a little more than $13 or $13.25. This is because the bidder with the highest pay is willing to pay $15 but since the next person is willing to pay $13, that means the next bidder will price it at an amount that is a little bit above $13 which is $13.25.

5 0
3 years ago
At December 31, 2018, Oriole Company reported the following information on its balance sheet.
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Answer:

Bad debt expense (Dr.) $68,930

Allowance for Doubtful Debt (Cr.) $68,930

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Accounts Receivable :

Balance $948,000

Add: Sales $3,609,930

Less: Sales returns $51,000

Less: Collections $2,756,000

Less: Write offs $97,000

Add: Recovery of old Bad debts $28,000

Adjusted Balance $1,653,930

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Adjusted Balance $9,000

7 0
3 years ago
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