One characteristic of a perfectly competitive market is that there are _____ sellers of the good or service.
a. a few
b. usually fewer than 10
c. one or two
d. many

One characteristic of perfectly competitive market is that there are many sellers of good or service.

In economics, specifically general equilibrium theory, perfect competition, or atomistic competition, is the term used to describe the idealizing circumstances that constitute an atomistic market, also known as a perfect market. When the amount supplied for each commodity or service, including labor, equals the amount demanded at the current price, a market will reach equilibrium, it has been demonstrated in theoretical models with perfect competition. This equilibrium is a Pareto optimum one. The theory of imperfect competition was established to explain the more real-world form of market interaction that occurs between perfect competition and a monopoly. Due to imperfect competition, it is common for sellers to set different prices for commodities, which suggests that they are doing it to increase sales.

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Save the file in your Marketing 2 folder, and name it with Study, the section number, and your first initial and last name. For example, Jessie Robinson's study questions for Section 1 would be named Study 1 Robinson. Answer the questions for each lesson on the same day that you read the lesson. Save the file before closing it each day. Then turn in your answers to the study questions at the end of the section. Review Lesson 4 of the Course Overview for instructions about turning in your study questions. Section 4 Study Questions (15.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (5.0 points) 1. What is outsourcing

Match each of the following example with the control method that is or should be used by entering the letter of the example in the answer space next to the correct control method.

a. Police work is changing. More and more police departments today are implementing community policing practices: working with the public to create a safer environment for all. For this reason, performance evaluations for police officers are starting to include criteria such as helpfulness and friendliness, which are measures of actions, not outcomes.
b. Sam writes for a living and loves it. He writes every dayâsometimes working on his blog, sometimes on a novel, but always putting something on paper. He learned about perseverance in his college success class, and now he sets aside four hours a day just for writing, regardless of what other activities he may have planned.
c. Lifeguards may seem to have an easy life, but the work is really very difficult. All lifeguards have to receive specialized training and be prepared to jump into action at a momentâs notice if an emergency arises. Professional lifeguards use a paramilitary structure (chief, captain, lieutenant, sergeant, and two levels of lifeguards) so that there is only one person giving orders in the event of an emergency.
d. Speed is the name of the game when you are picking applesâthe more you pick, the more you get paid. Gustavo receives $13 per box. He and his coworkers know that if they pick fewer than five boxes a day, they will be asked to leave the orchard.

1. Bureaucratic control
2. Behavior control
3. Output control
4. Normative control

FedEx is the world's largest express transportation company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 650 aircraft and 58.000 vehicles and trailers that pick up and deliver packages. Assume that FedEx sold a delivery truck that had been used in the business for three years. The records of the company reflected the following:
Delivery truck cost $35,000
Accumulated depreciation $23,000
Required:
1. Give the journal entry for the disposal of the truck, assuming that the truck sold for
a. $12,000 cash
b. $12.400 cash
c. $11,500 cash
2. Based on the three preceding situations, explain the effects of the disposal of an asset.

Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year.
July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300.
8 Paid freight charge on merchandise purchased, $230.
12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise
cost $2,500.
15 Received a credit memo from Wheeler Warehouse for merchandise, $670.
22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820.
The cost of the merchandise is $550.
Required:
1. Journalize the above transactions in a general journal using the periodic inventory method.
2. Journalize the above transactions in a general journal using the perpetual inventory method.

Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of June 2021:
Cost Retail Beginning inventory $ 120,000 $ 146,000 Net purchases 383,000 580,000 Net markups 33,000 Net markdowns 51,000 Net sales 600,000
To the nearest thousand, estimated ending inventory is:_______.

The CHS Company has provided the following information: Accounts receivable written-off as uncollectible during the year amounted to $12,500. The accounts receivable balance at the beginning of the year was $250,000. The accounts receivable balance at the end of the year was $310,000. The allowance for doubtful accounts balance at the beginning of the year was $15,000. The allowance for doubtful accounts balance at the end of the year after the recording of bad debt expense was $13,900. Credit sales during the year totaled $950,000. How much was CHS Company's bad debt expense

The cashew industry is perfectly competitive and until now each of the identical firms in the industry have been earning zero economic profits while selling ay units of output each (for a combined industry-wide total of qy units) at a market equilibrium price of P1 per unit. An unexpected increase in the demand for cashews raises the market equilibrium price to P2, which creates a situation in which P2 exceeds MC at 91 units of output.
a. If the firms continued producing 91 units each, would their combined output of cashews be too little, too much, or just right to achieve allocative efficiency?
i. Just right
ii. Too much
iii. Too little
b. In the long run, what will happen to the supply of cashews and the price of cashews?
i. The industry's supply of cashews will exceed Q1 and the price of cashews will equal P1.
ii. The industry's supply of cashews will be less than Q1 and the price of cashews will be less than P1.
iii. The industry's supply of cashews will equal Q1 and the price of cashews will equal P2.
iv. The industry's supply of cashews will exceed Q1 and the price of cashews will equal P2.

The model of competitive markets relies on these three core assumptions:
1. There must be many buyers and sellers—a few players can't dominate the market.
2. Firms must produce an identical product—buyers must regard all sellers' products as equivalent.
3. Firms and resources must be fully mobile, allowing free entry into and exit from the industry.
The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behavior, assume for this problem that a market cannot maintain competition in the long run without free entry.
Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not.
The government has granted a patent to a pharmaceutical company for an experimental AIDS drug. That company is the only firm permitted to sell the drug.
a. yes,meets all assumptions
B. no,no free entry
C. no, not many sellers
D. No, not an identical product

Ghost, Inc., has no debt outstanding and a total market value of $240,000. Earnings before interest and taxes, EBIT, are projected to be $32,000 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 15% higher. If there is a recession, then EBIT will be 30% lower. The company is considering a $80,000 debt issue with an interest rate of 7 percent. The proceeds will be used to repurchase shares of stock. There are currently 15,000 shares outstanding. Ignore taxes for this problem.
a-1. Calculate earnings per share (EPS) under each of the three economic scenarios before any debt is issued.
a-2. Calculate the percentage changes in EPS when the economy expands or enters a recession.
b-1. Calculate earnings per share (EPS) under each of the three economic scenarios assuming the company goes through with recapitalization.
b-2. Given the recapitalization, calculate the percentage changes in EPS when the economy expands or enters a recession.
a-1 Recession EPS $0.97
Normal EPS $1.39
Expansion EPS Z $1.59
a-2 Recession percentage
change in EPS -30.0
Expansion percentage
change in EPS 15.0
b-1 Recession EPS $1.09
Normal EPS 15.00
Expansion EPS
b-2 Recession percentage
change in EPSE -36.36
Expansion percentage
change in EPS 18.18

CarCut Corporation has been employing the Fixed-Order Quantity model to manage the inventory of its best selling 3D printer. The current inventory policy places exactly 60 orders each year. The monthly inventory holding cost is $25 per unit and the setup cost is $50 per order. The demand during lead time is constant, and it takes a lead time of 2 days to receive a shipment. Assume CarCut operates 360 days per year. What is the optimal reorder point in units

Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you just received your salary of $72,500, and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 5 percent of your annual salary in an account that will earn 9 percent per year. Your salary will increase at 3.7 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today?

why is having insurance important ? ​

The Tradition Corporation is considering a change in its cash-only policy. The new terms would be net one period. The required return is 2.4 percent per period. Based on the following information, what is the break-even price per unit that should be charged under the new credit policy? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Current Policy New Policy ?
Price per unit $ 93 ?
Cost per unit $ 44 $ 44
Unit sales per month 2,675 2,750
X Answer is complete but not entirely correct.
Break-even price $ 92.87 x

Crane Water Co. is a leading producer of greenhouse irrigation systems. Currently, the company manufactures the timer unit used in each of its systems. Based on an annual production of 46,000 timers, the company has calculated the following unit costs. Direct fixed costs include supervisory and clerical salaries and equipment depreciation. Direct materials $12 Direct labor 7 Variable manufacturing overhead 2 Direct fixed manufacturing overhead 9 (30% salaries, 70% depreciation) Allocated fixed manufacturing overhead 7 Total unit cost $37 Clifton Clocks has offered to provide the timer units to Crane at a price of $33 per unit. If Crane accepts the offer, the current timer unit supervisory and clerical staff will be laid off. (a1) Calculate the total relevant cost to make or buy the timer units. (Round answers to 0 decimal places, e.g. 5,250.) Make Buy Total relevant cost $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places

3. What do you think has more risk: buying corporate bonds or buying a second house in hopes that housing prices increase?

Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $25,000. The estimated useful life was five years and the residual value was $3,000. Assume that the estimated productive life of the machine is 10,000 units.
Expected annual production was:
Year 1 2,000 units
Year 2 3,000 units
Year 3 2,000 units
Year 4 2,000 units
Year 5 1,000 units
1. Complete the cost column of a depreciation schedule for each of the alternative methods.
a. Straight-line
Income Statement Balance Sheet
Year Depreciation Expense Cost Accumulated Depreciation Book Value
At acquisition $25,000
1 $4,400 $25,000 $4,400 20,600
2 4,400 8,800 16,200
3 4,400 13,200 11,800
4 4,400 17,600 7,400
5 4,400 22,000 3,000
b. Units-of-production
Income Statement Balance Sheet
Year Depreciation Expense Cost Accumulated Depreciation Book Value
At acquisition $25,000
1 $4,400 $25,000 $4,400 20,600
2 6,600 11,000 14,000
3 4,400 15,400 9,600
4 4,400 19,800 5,200
5 2,200 22,000 3,000
c. Double-declining-balance
Income Statement Balance Sheet
Year Depreciation Expense Cost Accumulated Depreciation Book Value
At acquisition $25,000
1 $10,000 $25,000 $10,000 15,000
2 6,000 16,000 9,000
3 3,600 19,600 5,400
4 2,160 21,760 3,240
5 240 22,000 3,000

Macgregor Company completed its first year of operations on December 31, 2020. Its initial income statement showed that Macgregor had revenues of $192,000 and operating expenses of $78,000. Accounts receivable and accounts payable at year-end were $60,000 and $23,000, respectively. Assume that accounts payable related to operating expenses. Ignore income taxes. Compute net cash provided by operating activities using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Net cash provided by operating activities

Kirnon Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 3,250 client-visits, but its actual level of activity was 3,160 client-visits. The clinic has provided the following data concerning the formulas to be used in its budgeting: Fixed element per month Variable element per client-visit Revenue - $ 39.10 Personnel expenses $ 35,100 $ 10.30 Medical supplies 1,100 7.10 Occupancy expenses 8,100 1.10 Administrative expenses 5,100 0.20 Total expenses $ 49,400 $ 18.70 The activity variance for net operating income in July would be closest to:

Sybil transfers property with a tax basis of $5,000 and a fair market value of $6,000 to a corporation in exchange for stock with a fair market value of $3,000 and $2,000 cash in a transaction that qualifies as a section 351 transfer. The corporation assumed a liability of $1,000 on the property transferred. What is Sybil's tax basis in the stock received in the exchange?
A) $6,000.
B) $5,000.
C) $4,000.
D) $3,000.

The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 11.75% bonds having a face amount of $91.5 million. The bonds had been issued in 2013 and had a remaining discount of $4.5 million at December 31, 2020. On January 1, 2021, Indian River Electronics called the bonds before their scheduled maturity at the call price of 102.
Required: Prepare the journal entry by Indian River Electronics to record the redemption of the bonds at January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, Incorporated, distributed $42,500 to J.D. His basis in his Clampett, Incorporated, stock on January 1, 2021, was $36,000. For 2021, J.D. was allocated $11,800 of ordinary income from Clampett, Incorporated, and no separately stated items. How much capital gain does J.D. recognize related to Clampett, Incorporated, in 2021

Create a business decision based on the company where you work (can be any company), a small business you hope to own someday or just make something up - then identify, define and explain an incremental cost, opportunity cost and sunk cost. You will need to be somewhat creative in your response.
Respond to this question with 5-7 meaningful sentences (or more - this one could be more)

Tubaugh Corporation has two major business segments--East and West. In December, the East business segment had sales revenues of $380,000, variable expenses of $205,000, and traceable fixed expenses of $45,000. During the same month, the West business segment had sales revenues of $1,050,000, variable expenses of $536,000, and traceable fixed expenses of $201,000. The common fixed expenses totaled $310,000 and were allocated as follows: $155,000 to the East business segment and $155,000 to the West business segment. A properly constructed segmented income statement in a contribution format would show that the segment margin of the East business segment is:____________.
a. $205,000
b. $130,000
c. $(23,000)
d. $(20,000)

Bull'sEye sells gift cards redeemable for Bull'sEye products either in-store or online. During 2018, Bull'sEye sold $2,000,000 of gift cards, and $1,800,000 of the gift cards were redeemed for products. As of December 31, 2018, $150,000 of the remaining gift cards had passed the date at which Bull'sEye concludes that the cards will never be redeemed. How much gift card revenue should Bull'sEye recognize in 2018

List three pieces of criteria that economists use to determine if someone is employed

Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually on June 30 and December 31.
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31.
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,860 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31.
All 3 question are need to find the first interest payment The only difference between 3 is the rate is one below, one higher, one are equal. No need to find the issuance bonds. Because I already had that one done.
Please and solve for thefirst interest payment with the steps that would be wonderful, thanks
Record bond issue and related semiannual interest (L04) Pretzelmania, Inc., issues 796, 10-year bonds with a face amount of $70,000 for $70,000 on January 1 2015. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually on June 30 and December 31 1. & 2. Record the bond issue and first interest payment on June 30, 2015. (If no entry is required for a transaction event, select "No journal entry required" in the first account field.) view transaction list view general journal Date General Journal Debit Credit January 01, 2015 Cash 70,000 Bonds payable 70,000 June 30, 2015 Interest expense Bonds payable Cash value: 3.33 points Brief Exercise 9-6 Record bond issue and related semiannual interest (L04) Pretzelmania, Inc., issues 796, 15-year bonds with a face amount of $70,000 for $63.948 on January 1 2015. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31 1. & 2. Record the bond issue and first interest payment on June 30, 2015. (If no entry is required for a transaction event, select "No journal entry required" in the first account field.) view transaction list view general journal Date General Journal Debit Credit January 01, 2015 Cash 63,948 Bonds payable 63,948 June 30, 2015 Interest expense Bonds payable Cash value: 3.34 points Brief Exercise 9-7 Record bond issue and related semiannual interest (L04) Pretzelmania, Inc., issues 796, 15-year bonds with a face amount of $70,000 for $76.860 on January 1 2015. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31 1. & 2. Record the bond issue and first interest payment on June 30, 2015. (lf no entry is required for a transaction event, select "No journal entry required" in the first account field.) view transaction list view general journal Date General Journal Debit Credit January 01, 2015 Cash 76,860 Bonds payable 76,860 June 30, 2015 Interest expense Bonds payable Cash

Data concerning Wislocki Corporation's single product appear below: Per Unit Percent of Sales Selling price $ 180 100 % Variable expenses 36 20 % Contribution margin $ 144 80 % Fixed expenses are $1,044,000 per month. The company is currently selling 9,000 units per month. Required: The marketing manager would like to introduce sales commissions as an incentive for the sales staff. The marketing manager has proposed a commission of $14 per unit. In exchange, the sales staff would accept an overall decrease in their salaries of $110,000 per month. The marketing manager predicts that introducing this sales incentive would increase monthly sales by 400 units. What should be the overall effect on the company's monthly net operating income of this change

The following information is for Hulk Gyms' first year of operations. Amounts are in millions of dollars. The enacted tax rate is 25%. Year Future Taxable Amounts Future Amounts 2021 2022 2023 2024 2025 Total Accounting income $ 124 Temporary difference: Prepaid insurance (28 ) $ 7 $ 7 $ 7 $ 7 $ 28 Taxable income $ 96 Required: Prepare a compound journal entry to record the income tax expense for the year 2021.

The following information relates to Hatami Company's defined benefit pension plan during the current reporting year:

Plan assets at fair value, January 1 $640,000,000
Expected return on plan assets 54,000,000
Actual return on plan assets 44,000,000
Contributions to the pension fund (end of year) 94,000,000
Amortization of net loss 0
Pension benefits paid (end of year) 36,000,000
Pension expense 64,000,000

Required:
Determine the balance of pension plan assets at fair value on December 31.

On January 1, 2018, ABC purchased a commercial truck for $48,000 and uses the straight-line depreciation method. The truck has a useful life of eight years and an estimated residual value of $8,000. Assume the truck was totaled in an accident on December 31, 2019. What amount of gain or loss should ABC record on December 31, 2019 (If a loss, put a minus number in front)