each of the statements shown is characteristic of a phase in the development of a competitive market industry. please classify each statement as a cause of firms exiting the market, the number of firms in the market remaining stable, or firms entering the market.
Answers
Firms would exit the market in the following circumstances:
Price is less than average cost Firms post an economic loss.The market would remain stable in the following circumstances:
No firms earn economic profitFirms would enter the market in the following circumstances:
Price is greater than average cost.Firms earn both economic profit and accounting profit.A competitive market industry is characterised by many buyers and sellers of identical goods and services. Market price is set by the forces of demand and supply.
In the long run, firms would earn only accounting profit. If a firm earns economics profit in the short run, firms would enter the industry in the long run. This would reduce economic profit to zero.
In the short run if firms earn economic loss, in the long run, firms would leave the market. As a result, economic profit would rise to zero.
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Related Questions
Which of the following explains how the growth of a market-based economy in the united states in the early 1800s most directly influenced changes in gender roles?.
Answers
The growth of an economy in the early 19th century influenced American society by causing changes in gender roles. Women dedicated themselves to the home and men to work outside the home.
The market economy is an economic concept that refers to the economic system in which the free market and private property are the fundamental parts of the trade.
The market economy is related to the capitalist system that took hold since the 19th century. At that time, factories and service companies needed more qualified labor, so men needed to leave their homes to work for companies.
On the other hand, due to the roles historically assigned to women, they could not access education and were therefore not qualified to obtain work in companies. Additionally, they had to stay at home and dedicate themselves to housework because the man was the one who brought the money to the house.
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The expenditure incurred for changing the oil in the company's fleet of trucks is debited to ______.
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Cost are often incurred in any business transaction. The expenditure incurred for changing the oil in the company's fleet of trucks is debited to repairs and maintenance expense
Repairs and maintenance expense is simply known as the costs incurred to bring an asset back to its formal good condition or to keep the asset operating at its present condition.
An example, When a company's truck is damaged, the cost to repair the damage is often debited to repairs and maintenance expense.
Routine maintenance is often made to engine tune-ups, oil changes, radiator flushing, etc. and they are also debited to repairs and maintenance expense.
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Consumers who read, hear, or see the message sent by a source during the marketing communication process are referred to as receivers. encoders. decoders. the target market. sources.
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In a marketing communication process, the class of consumers who read, hear and see the message sent by a source are known as the receivers.
In marketing, the communication process consists of nine elements including the sender, receiver, encoding, decoding, message, media, response, feedback and the noise
The element of marketing that read, hear, or see the message sent by a source during the marketing communication are the receiver because they decode and digest the message.
In conclusion, the consumers are called the receivers in a marketing communication process.
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On August 1, a $58,800, 9%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $23,229.22. The entry to record the first payment on July 31 would include:
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Based on the information given the entry to record the first payment on July 31 would include: Debit to Interest Expense of $5,292.00.
The appropriate journal entry to record the first payment on July 31 based on the information given is:
Journal entry
July 31
Debit Interest Expense $5,292.00
($58,800×9%)
Debit Notes Payable $17,937.22
($23,229.22-$5,292.00)
Credit Cash $23,229.22
(To record first payment)
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what kind of potatoes are best for mashed potatoes?
Answers
Each year, you must file ____________________.
1. your federal, state, county and town taxes
2. only your state taxes since federal taxes are filed every four years
3. only your federal taxes since state taxes get filed every other year
4. your federal taxes and state taxes if your state requires it
Answers
According to the Internal Revenue Services and the tax code, each year, you must file "your federal taxes and state taxes if your state requires it"
Individuals are required to pay taxes to the federal government and the state government.
There are various types of taxes available, some of which include the following:
Income TaxPayroll TaxExcise TaxCorporate Tax, etc.All these taxes are paid to the federal government and state if they require it.
Hence, in this case, it is concluded that the correct answer is option D. "your federal taxes and state taxes if your state requires it."
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Answer: the answer is D
Explanation:
Under the LIFO retail inventory method, the cost of a new layer added during the period is determined by multiplying the retail value of the layer by the:________.
a. cost-to-retail percentage based on the goods available for sale.
b. beginning-inventory cost-to-retail percentage.
c. current-period cost-to-retail percentage.
Answers
Answer:
C. current-period cost-to-retail percentage.
Explanation:
Barry pays $200 per month for his insurance coverage, whether he uses it or not. This payment is called a ______.
Answers
Answer:
Premium
Explanation:
The amount of $200 that Barry pays per month for his insurance coverage is called an insurance premium.
What is an insurance premium?An insurance premium is a periodic payment made by the insured to the insurer for insurance coverage. The insurer or insurance company uses it to pool resources together so that in the event of a financial loss, suffered by a policyholder, the insured will be adequately compensated.
Thus, the amount that Barry pays per month for his insurance policy is called an insurance premium.
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Why is it important to explain the objectives and procedures of a research project both to current and future decision makers in a company
Answers
It is important to explain the objectives and procedure of an investigation because this directly impacts the decisions that the company can make.
Companies generally research to improve their products or market research to target their products to a target audience.
When these investigations are carried out, they are always done to improve productivity, sales, and the quality of the company. Therefore, if an investigation focused on the quality of a product is carried out, the process and objectives must be shared so that the investigation impacts the improvement of the company.
For example:
When a bicycle company researches to make the design of the bicycle lighter and more aerodynamic, it can be inferred that the objective of this research is to improve the product and the procedure is through the study and experimentation of the bicycle in different controlled environments.
This will cause the company's decision-makers to promote its new model and invest more in advertising and technology development to improve the product.
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Earnings per share (EPS) equals ______ divided by the average shares of common stock outstanding. (Assume no preferred stock has been issued.) Multiple choice question. Revenue Operating Income Retained Earnings Net Income
Answers
With the issuance of preferred stock, Earnings per share (EPS) equal D. Net Income divided by the average shares of common stock outstanding.
If the company issues preferred stock, the preferred dividend is deducted from the net income before the computation of the EPS. In such a situation, the Earnings per share becomes the Net Income after the deduction of preferred dividend divided by the average common shares outstanding.
Thus, the Earnings per share without preferred dividend equals D.
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Companies in European countries sometimes compete with imports of their own products at lower prices because of _____. Multiple choice question. different taxes and competitive price structures the flexibility in import quotas the decline of illegal imports and uniform prices lowered tariffs and similar tax benefits
Answers
The importing and exporting activity of a country can affect its GDP, its exchange rate, and interest rates. Companies in European countries sometimes compete with imports of their own products at lower prices because of different taxes and competitive price structures
A weaker domestic currency often leads to exports and also makes imports more expensive and so therefore, a strong domestic currency boast exports and makes imports cheaper.
Pricing as an active instrument is often used by firms to sets prices so as to achieve specific goals, including targeted returns on profit and targeted sales volumes.
Taxes that is placed on goods/services have a lot of ways that it influences the prices of that goods and services.
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Kristina (41), a freelance photographer, reports a net profit of $50,000 on schedule c, profit or loss from business. This is her only income. How much is kristina's self-employment tax?.
Answers
Based on the slab rates for self-employment tax, Kristina's self-employment tax is "$7,650."
What is Self Employment tax?The self-employment tax rate for 2021 is 15.3 percent which is a summation of the 12.4% Social Security tax and a 2.9% Medicare tax on net earnings.
Given that the net profit of Kristina is $50,000
Therefore, the self-employment tax is calculated as
$50,000 × 15.3% = $7,650
Hence, in this case, it is concluded that the correct answer is $7,650
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Why is it easier to play soccer on a grassy field than on an ice hockey rink?
1.because there is more friction between the grassy field, your feet, and the ball
2.because there is less friction between the grassy field, your feet, and the ball
(this is science)
Answers
Answer:
2
Explanation:
Answer:
because there is less friction between the grassy field and your feet and the ball!!
Explanation:
50 POINTS
Abdul works as a regulator at the Bereau of consumer protection. His agency makes sure consumers are treated fairly. What task might be part of Abduls job at his agency?
A. Drawing up ideas for the new city park
B. drafting a proposal for the state government budget
C.recording information about fraudulent business
D.meeting with heads of state to discuss trade
Answers
Answer:
the answer is D
Explanation:
It is essential to hold a meeting in order to learn about the progress of your business and the attitudes of your employees during work. Although you may think that your employees are treated fairly, this may not be the case at all. so have a face-to-face meeting with your employees and ask them if they are satisfied with the job.If you are the boss you treat your employees fairly if you are not the boss . in cases of unfair treatment you should have a meeting with the boss
Answer:
C
Explanation:
He is consumer protection and a fraudulet means like scams or fraud.
evans & sons, inc., sold $100,000 face value, six percent coupon rate, four-year bonds, for an aggregate issue price of $95,000. calculate the total interest expense to be recorded by the company over the four-year life of the bonds.
Answers
The total interest expense to be recorded by the company over the four-year life of the bonds is $29,000.
Using this formula
Total Interest expenses=(Face value× Coupon rate× Bond year)+(Face value-Issue price)
Let plug in the formula
Total Interest expenses=($100,000 x .06 x 4) +($100,000-$95,000)
Total Interest expenses= $24,000+$5,000
Total Interest expenses=$29,000
Inconclusion the total interest expense to be recorded by the company over the four-year life of the bonds is $29,000.
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Shida has had such great success with his IT consulting company for the last five years that he was able to pay himself a competitive salary within the first 18 months of operation. According to the GEM study, Shida is a/an ______.
Answers
Shida is seen as potential entrepreneur according to the GEM study.
GEM study is conducted by Global Entrepreneurship Monitor that tracked rates of entrepreneurship.
The study conducted on Shisa as a IT Expert shows that the company tries to understand how his entrepreneur skills enables him to pay himself a competitive salary within the first 18 months.Therefore, Shida is seen as potential entrepreneur according to the GEM study.
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Paul Mason's firm sells medical equipment to heart surgeons. The company fields a direct sales force that travels the country demonstrating its equipment to heart surgeons and hospital administrators. Recently, Paul's company started producing equipment for eye surgeons, partly to maximize the value of his sales force, which can now call on both heart surgeons and eye surgeons when it makes hospital visits. Paul's firm is attempting to capture economies of ________ through this strategy.
Answers
Answer:
scope
Explanation:
Juan purchased a property for $420,000 and financed $336,000 of it. The assessed value of the property is $387,000. The property appraisal came in at $432,000. Which of these amounts is used in calculating the property tax?
Answers
When it comes to calculating property tax, the most relevant amount is the assessed value of $387,000.
When calculating property tax, the useful figures are:
The assessed value of the house The Property tax rateThis assessment is arrived at in various ways but once it is arrived at, it is then multiplied by a figure known as the mill levy and the result will be the property tax.
In conclusion, the assessed value is most useful.
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While developing a new product, in the product development stage, the first versions of products are used in further consumer testing. These first versions of products are called
Answers
In the product development stage, the first versions of products that are used while developing a new product and in further consumer testing are called: prototypes.
A product life cycle can be defined as the stages (phases) that a particular product goes through, typically from the period it was introduced into the market to the period when it is eventually removed from the market.
Generally, there are four (4) main stages in the product-life cycle;
Introduction.Growth.Maturity.Decline.A prototype can be defined as the the first versions of products that are manufacture and used while developing a new product and in further consumer testing.
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what is the difference between hazard insurance and homeowners insurance
Answers
Answer:
The difference between the two is that Hazard insurance can cover you and or protect you against "structural damage caused by natural disasters".
Meanwhile Homeowners insurance is "a financial protection against theft"...
So, long story short,
Hazard insurance=protection from natural disasters (structural damage)
Hazard insurance=protection from natural disasters (structural damage)Homeowners insurance=protection against theft and damage to your home and belongings
I hope this helped!!
In ________ programs, annual compensation increases are usually linked to performance appraisal ratings.
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Answer:
Performance appraisal (PA) is a method by which the job performance of an employee is documented and evaluated. Performance appraisals are a part of career development and consist of regular reviews of employee performance within organizations.
A merit rating is a score that each state assigns to employers based on their employment stability and employee turnover. The state then uses the merit rating to levy state unemployment taxes on each employer. Companies with lower ratings will have to pay lower unemployment tax percentages.
Explanation:
i hope that helps
To settle issues between the remaining partners in the event of the death of a partner, the partnership should have a _____ agreement in place.
Answers
The agreement that will help to settle issues between the remaining partners in the event of the death of a partner, the partnership should have a buy-sell agreement in place.
We need to first know what a buy-sell agreement is.
What is a buy-sell agreement?The buy-sell agreement is a document that stipulates what a partner wants to be done to his share of the business in the event of death.
This agreement is important because it will help to prevent disagreement in the eventuality of death. Therefore, the correct agreement that the partnership should have is a buy-sell agreement.Learn more about buy-sell agreement here:
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starting with net income and adjusting it for items that affected reported net income but which did not affect cash is called the
Answers
Answer:
Explanation:
Two methods are used to calculate cash flow from operating activities: indirect and direct, which both produce the same result. ... Indirect Method: This method starts with net income and converts it to OCF by adjusting for items that were used to calculate net income but did not affect cash.
When prices are sticky in the short-run, the economy is forced to respond to shocks in the economy with changes in:
Answers
Answer:
output and employment
DESCRIPTION OF THE LAW OF DEMAND
Answers
Answer:
The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded
Total revenue minus the total _____ and total _____ costs of production is economic profit. Multiple choice question. explicit; accounting explicit; modified implicit; explicit implicit; modified
Answers
Total revenue minus the total explicit and total implicit costs of production is economic profit.
Economic profit is accounting profit less implicit or opportunity costs. It is also total revenue less explicit and implicit cost.
Explicit cost is the amount used in running a business. Examples are rent and wages.
Implicit cost is the cost of the next best option that is let gone off when one option is chosen over other options. For example, a baker leaves his job to start his own business. His implicit cost is the wages he earned as a baker.
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Select the correct answer. Which sales channel is the most effective for a business that has a small scale of operations? a A. telemarketing B. hiring agents C. flea markets D. franchising E. multilevel marketing
Answers
Answer:
franchising marketing
Which among the 4 common errors that leads to unbalanced account is the HARDEST to resolve. Explain Why.
Answers
The common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication.
In accounting, there are different type of error that could result to the unbalanced account, that is, leaving the Trial balance or Balance sheet unbalanced.
Generally, the recognized type of errors in accounting includes:
Error of Original EntryError of DuplicationError of OmissionError of Entry ReversalError of Principle Error of CommissionTransposition ErrorsRounding Errors etcIn conclusion, the common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication because they are easy to correct.
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Which statement best describes the relationship between credit and debt
when you use a credit card?
A. Your debt decreases as you use your credit card more.
B. Your credit decreases as you lower your debt.
C. Your credit stays the same as you lower your debt.
D. Your debt increases as you use your credit card more.
Answers
Answer:
D
Explanation:
it is D because it shows the mention use.as the question did
what are control accounts in accounting??
Answers
In accounting, the controlling account is an account in the general ledger for which a corresponding subsidiary ledger has been created. The subsidiary ledger allows for tracking transactions within the controlling account in more detail.
