They both have preset limits
Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect "some firms to exit causing the market price of corn to rise.".
<h3>What is perfectly competitive market?</h3>
According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.
There are five characteristics that have to exist in order for a market to be considered perfectly competitive. The characteristics are -
- homogenous items,
- no entry or exit obstacles,
- price taker sellers,
- transparent products, and
- no seller has any control over market prices.
The three key components of perfect competition are as follows:
- There are a lot of buyers and sellers in the market.
- These buyers and sellers are in competition with one another.
- The good being offered or purchased is uniform.
- Companies are free to enter or leave the market.
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Answer
Associate: where a company has holdings of between 20% and 50%.
Minority Interest: where a company has holdings of less than 20%
Parent Company: where a company has holdings of more than 50%.
Explanation:
<u>An associate company </u>(or associate) is a company that owns a business beyond 20% and not more than 50%. In business valuation such a company that has invested significantly in the shares of another company will have voting rights in the board of the acquired company.
<u>Minority Interest</u> is the term used to describe the investments of one company in another company, when such investments are less than 20% of the total value of the acquired company.
<u>Parent Company</u> is a company that owns more than half (50%) of the shares or value of another company.
Answer:
A. $ 3,750,000
Explanation:
Given that
At lower price
A copy is $3
Copies sold = 1.25 million
Recall that
Total revenue = Price of good × quantity of goods sold.
That is, the total amount of money a seller obtains by selling goods or/and services to a buyer(s)
Thus
Total revenue at low cost
= 3 × 1.25 million
= 3.75 million
= $3,750,000
It is a true statement that a typical written contract or agreement must contain a description of the consideration promised in order to satisfy the Statute of Frauds.
<h3>What is the
Statute of Frauds?</h3>
This refers to the legal concept that requires certain types of contracts to be executed in writing.
In the legal field, the Statute of Frauds covers contracts for the sale of land, agreements involving goods worth over $500 and contracts lasting one year or more.
Most times, the Statute of Frauds can be satisfied by any signed writing that:
- identifies the subject matter of the contract
- is sufficient to indicate that a contract exists
- states with reasonable certainty the material terms of the contract.
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