Answer:
P = 70, Ed = ∞ , Firm = Price Taker , Free Entry & Exit
Homogeneous Product , No selling costs , Long Run Normal Profits
Explanation:
Perfect Competition is a market form with : many number of buyers & sellers, selling homogeneous goods at uniform prices, while firms & consumers having perfect information & no selling costs.
In this market : Price = Marginal Cost , as taken by all firms from the industry & so demand curve is horizontal parallel to x axis - denoting perfectly elastic demand i.e infinite sale at prevailing price.
As market's all sellers goods are homogeneous & all have perfect information about it, no selling costs are required. Free Entry & Exit in industry also imply that Industry's profits are confined to 'Normal Profits' (No Supernormal profit / abnormal loss) in long run.
So, Smith's report would include all the above mentioned remarks.
I guess the correct answer is budget surplus.
When tax revenue is higher than government expenditures, the government incurs a budget surplus.
Answer:
$1,242,000
Explanation:
The new machine is to be recorded at its Fair Value which is $1,242,000 because the exchange has a commercial substance. Asset forgone is credited by its original cost, and accumulated depreciation till date of exchange is debited. Cash paid and loss or gain is adjusted as required. But the new asset is debited by the amount of its Fair Value on the day of exchange.
Answer: A) limited decision making
Explanation:
When a customer is experiencing limited decision making, they are looking to make a choice that requires that they spend a decent amount of time doing some sort of research in order to make a decision.
The research time will not be quite extensive that it would require in-depth research, but it should be more than basic time spent on normal purchase decisions.
Bethany is willing to spend time to try the different scents so this is a limited decision making consumer decision.
