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Zigmanuir [339]
3 years ago
14

Identify the market structure that most accurately describes the context in which each good or service is sold. retail clothing

Business
1 answer:
Snezhnost [94]3 years ago
3 0

Market structure refers to the categorization of firms according to the types of goods they sell and their methods of operation. Given the question, the market structure that describes retail clothing is

  • Monopolistic Competition

Monopolistic Competition is that where there are different firms selling similar things that are not particularly, exact.

It is easy to start up this sort of business because there are not so many barriers to entry.

Also, competitors are independent because the decision of one does not affect the others. Retail clothing is an example.

Learn more here:

brainly.com/question/2891218

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Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run,
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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 -

  1. homogenous items,
  2. no entry or exit obstacles,
  3. price taker sellers,
  4. transparent products, and
  5. 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.

To know more about; Why is perfect competition the best form of market structure?, here

brainly.com/question/4190313

#SPJ4

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The variable overhead rate is $9.30 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $106,140 per m
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Answer:

Cash= 87,910 + 9.3*direct labor hour

Explanation:

Giving the following information:

The variable overhead rate is $9.30 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $106,140 per month, which includes depreciation of $18,230.

Cash= (106,140 - 18,230) + 9.3*direct labor hour

Cash= 87,910 + 9.3*direct labor hour

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4 years ago
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