TB MC Qu. 7-137 Farris Corporation, which has ... Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $ 144 Units in beginning inventory 0 Units produced 9,350 Units sold 8,950 Units in ending inventory 400 Variable costs per unit: Direct materials $ 26 Direct labor $ 68 Variable manufacturing overhead $ 14 Variable selling and administrative expense $ 18 Fixed costs: Fixed manufacturing overhead $ 140,250 Fixed selling and administrative expense $ 9,600 What is the net operating income (loss) for the month under variable costing

Answers

Answer 1

Answer:

Net operating income= $11,250

Explanation:

Giving the following information:

Selling price $144

Units sold 8,950

Variable costs per unit:

Direct materials $26

Direct labor $68

Variable manufacturing overhead $14

Variable selling and administrative expense $18

Total variable cost= $126

Fixed costs:

Fixed manufacturing overhead $140,250

Fixed selling and administrative expense $9,600

Variable costing income statement:

Sales= 8,950*144= 1,288,800

Total variable cost= (126*8,950)= (1,127,700)

Contribution margin= 161,100

Fixed manufacturing overhead= (140,250)

Fixed selling and administrative expense= (9,600)

Net operating income= 11,250


Related Questions

Reed Company is in the process of preparing its financial statements for 2022. During 2022, Reed changed from the double-declining balance method for its building to the straight-line method. The building originally cost $900,000. It had an original useful life of 25 years and a salvage value of $60,000. Purchase date was 1/1/20. The 2022 depreciation expense for the building will be:

Answers

Answer:

$30,511.30

Explanation:

The double declining method was used for two years

Depreciation expense using the double declining method = Depreciation factor x cost of the asset

Depreciation factor = 2 x (1/useful life) = 2 /25 = 0.08

Depreciation expense in 2020 = 0.08 x $900,000 = $72,000

Book value =  $900,000 - $72,000 = $828,000

Depreciation expense in 2021 = 0.08 x $828,000 = $66,240

book value = $828,000 - $66,240 = $761,760

Straight line depreciation expense = (book value - Salvage value) / useful life

useful life = 25 - 2 = 23

book value = $761,760

salvage value = $60,000.

( $761,760  - $60,000. ) / 23 = $30,511.30

The depreciation expense for the remaining useful life of the asset would $30,511.30

 

If the distribution of water is a natural monopoly, then:__________.
a. a single firm cannot serve the market at the lowest possible average total cost.
b. allowing for competition among different firms in the water-distribution industry is efficient.
c. average cost increases as the quantity of water produced increases.
d. multiple firms would likely each have to pay large fixed costs to develop their own network of pipes.

Answers

Answer:

d. multiple firms would likely each have to pay large fixed costs to develop their own network of pipes.

Explanation:

Option a is wrong because:

The initial investment is very high, therefore, the more firms competing will only increase the required investments and fixed costs associated with them, e.g. depreciation, maintenance. That is why the lowest average costs is generally achieved when only one firm serves this type of market.

Option b is wrong because:

A natural monopoly exists because it is extremely difficult for two or more competing firms to exist. Generally the required investment is very high, and the revenues are not large enough to allow two or more firms to compete.

Option c is wrong because:

Utilities require large initial investments, but once they are set up, the production costs are very small. I.e. the fixed costs are more relevant than the variable costs. Average production costs as decrease as the quantity produced increases.

X-treme Vitamin Company is considering two investments, both of which cost $20,000. The cash flows are as follows: Year Project A Project B 1 $ 23,000 $ 20,000 2 10,000 9,000 3 10,000 15,000 Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods. a-1. Calculate the payback period for Project A and Project B. (Round your answers to 2 decimal places.) a-2. Which of the two projects should be chosen based on the payback method

Answers

Answer:

Project A = 0.87 years

Project B =  1 year

2 Project should be chosen because it has a shorter payback period.

Explanation:

Payback calculates the amount of time it takes to recover the amount invested in a project from it cumulative cash flows.

For project A, the payback period is $20,000 / $23,000 = 0.87 years

For project B, the payback period is $20,000 / $20,000 = 1 year

Project should be chosen because it has a shorter payback period.

What is the difference between full absorption costing and variable costing?A. In full absorption costing, all of the non-manufacturing costs are expensed. In variable costing, all of the non-manufacturing expenses are included in the cost of the product.B. In full absorption costing, fixed manufacturing overhead is expensed. In variable costing, fixed manufacturing overhead is included in the cost of the product.C. In full absorption costing, fixed manufacturing overhead is included in the cost of the product. In variable costing, fixed manufacturing overhead is expensed.D. Variable costing must be used for external financial reports while full absorption costing can only be used for internal reporting.

Answers

Answer: C. In full absorption costing, fixed manufacturing overhead is included in the cost of the product. In variable costing, fixed manufacturing overhead is expensed.

Explanation:

Full absorption costing accounts for all the costs involved in making a product including the indirect and the direct costs. That means both variable costs like direct materials and direct labor as well as fixed costs like rent, and insurance are included in the cost of the product.

Variable costing on the other hand expenses fixed manufacturing overhead separately. As a result, Full absorption has a higher cost of inventory than does Variable costing.

In which of the following situations would a delegation of contractual duties be allowed? Multiple Choice A painter hired to paint your home. A sculptor hired to sculpt your bust. An actor hired to perform in a play. A surgeon performing brain surgery.

Answers

Answer:

A painter hired to paint your home.

Explanation:

Delegation of contractual duty occurs when the individual that is supposed to perform a task transfers the responsibility of performing the task to another person.

For example if someone is supposed to paint a house but he has other engagements. He can delegate to another painter to perform the painting.

Delegation does not transfer contractual rights as the original person still collects payment for performance of the task.

Usually delegation can occur for tasks that do not require special skill and can be performed by anyone.

In the other scenarios special skill is required so delegation will not be usually allowed.

On July 1, Wildhorse Co. purchases 560 shares of its $5 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 370 shares of the treasury stock for cash at $11 per share. Required:Journalize the two treasury stock transactions.

Answers

Answer:

Please see the journal entries for the two treasury stock transactions.

Explanation:

• Purchase of treasury stock

Treasury stock Dr $5,600

To Cash account Cr $5,600

(Being the purchase of treasury stock that is recorded)

For recording the above, treasury stock was debited because it increased the treasury while cash credited because it decreased the assets.

• Sale of treasury stock

Cash account Dr $4,070

To Treasury stock Cr $3,700

To paid in capital- treasury stock Cr $370

Explanation

° Purchase of treasury stock

Treasury stock

= 560 shares × $10 per share

= $5,600

° Sales of treasury stock

Cash receipt

= 370 shares × $11 per share

= $4,070

Treasury stock

= 370 shares × $10 per share

= $3,700

Paid in capital treasury stock

= 370 shares × ($11-$10)

= $370

During 2018, its first year of operations, Pave Construction provides services on account of $126,000. By the end of 2018, cash collections on these accounts total $93,000. Pave estimates that 20% of the uncollected accounts will be bad debts. Required: a. Record the adjustment for uncollectible accounts on December 31, 2018.b. Calculate the net realizable value of accounts receivable.

Answers

Answer: Please see answer in the explanation column

Explanation:

Account receivables = Total account - cash collections

                                         $126,000 -- $93,000

                                  = $33,000

Uncollectible Accounts = 20% x 33,000 = $6,600

a) Journal to record the adjustment for uncollectible accounts

Date                  Account                       Debit                Credit

Dec 31, 2018   Bad debts expense   $6,600  

Allowance for uncollectible accounts                          $6,600

B) net realizable value of accounts receivable= Total Accounts Receivable - Allowance for uncollectible accounts

= $33,000 - $6,600= $26400

To determine if a person is "in the business" of giving investment advice under the Investment Advisers Act of 1940, which of the following are considered?
I That the individual regularly gives advice on securities.
II That more than 50% of the individual's earnings are derived from making investment recommendations.
III That the individual receives compensation for giving advice on securities.
A. I only.
B. I and III only.
C. II and III only.
D. I, II, III.

Answers

Answer:

Correct Answer:

B. I and III only.

Explanation:

Someone in business of giving business advise is known as an investment adviser.

An investment adviser is a person or firm that is engaged in the business of providing investment advice to others or issuing reports or analyses regarding securities, for compensation. Based on the definition above, the best option for the question is Option B.

g An arbitrage opportunity arises when... Group of answer choices An investment has a high risk-return ratio. disparity between 2 or more prices allow investors to yield a sure profit the risk-free rate generates a positive alpha. a net investment is taken place within a portfolio

Answers

Answer:

disparity between 2 or more prices allow investors to yield a sure profit

Explanation:

Arbitrage is defined as the practice where there is simultaneous buying and selling of an asset so as to benefit from a price difference.

Usually the price differences occur in different markets, so the arbitrator acts as a supplier of the goods to market where goods are to be sold.

For example if a company buys fertiliser from a whole seller and immediately sells the goods to a farmer's cooperative at higher price this is arbitrage.

So abitrage opportunity is when disparity between 2 or more prices allow investors to yield a sure profit

A piece of equipment (Asset class 15.0) was purchased bythe Jones Construction Company. The cost basis was $300,000. Determinethe ADS and GDS depreciation deductionfor this property each year

Answers

Answer:

Alternative depreciation system (ADS depreciation) per year:

Year                     %                     depreciation expense

1                           8.32%              $24,960

2                          16.67%             $50,010

3                          16.67%             $50,010

4                          16.67%             $50,010

5                          16.67%             $50,010

6                          16.67%             $50,010

7                           8.33%             $24,990

General depreciation system (GDS depreciation) or MACRS per year:

Year                     %                     depreciation expense

1                            20%                $60,000

2                           32%                $96,000

3                           19.20%            $57,600

4                           11.52%             $34,560

5                           11.52%             $34,560

6                           5.76%              $17,280

. Which of these statements is true about the field of organizational behavior? 1 point A. It examines how individuals and teams in organizations relate to one another and to their counterparts in other organizations. B OB researchers systematically study various topics at a common level rather than at multiple levels. C. Information technology has almost no effect on organizational behavior. D. The field of organizational behavior relies exclusively on ideas generated within the field by organizational behavior scholars. E. The origins of organizational behavior are traced mainly to the field of economics.

Answers

Answer:

A. It examines how individuals and teams in organizations relate to one another and to their counterparts in other organizations.

Explanation:

Organizational behavior examines how individuals and teams in organizations relate to one another and to their counterparts in other organizations.

An organizational behavior can be defined as the study of people's opinions, feelings, actions and how people perceive an organization.

This ultimately implies that, an organizational behavior is the study of people's opinions, feelings, actions and how people perceive an organization.

Basically, it measures how an organization relates with its external environments. This is very key to formulating policies, mission and achieving a successful long-term organizational goals and objectives.

What's the future value of an investment of $1 a year for each of 4 years, at the end of the last year? Suppose the interest rate is 8%.

Answers

Answer:

4.51

Explanation:

We have to calculate fva. The future value of annuity

Here is the formula

Fva = A [( + I)^n-1/I]

Where a = annuity

I = interest rate

N = number of years

Inserting into formula

1[(1+0.08)^4 - 1/0.08]

= 1[(1.36049 - 1)/0.08]

= 4.51

Therefore the future investment is $4.51

You find a zero coupon bond with a par value of $10,000 and 21 years to maturity. The yield to maturity on this bond is 4.3 percent. Assume semiannual compounding periods.What is the price of the bond?

Answers

Answer:

Price of bond $4,092.49

Explanation:

Computation the price of the bond

Using this formula

Price of bond=Par value*1/(1+YTM/2)^(2*time period)

Where,

Par value=$10,000

1/(1+YTM/2)=1/(1+0.043/2)

(2*time period)=(2*21 years)

Let plug in the formula

Price of bond=$10,000*1/(1+0.043/2)^(2*21)

Price of bond=$10,000*1/(1.0215)^42

Price of bond=$10,000*(0.97895252)^42

Price of bond=$10,000*0.4092497467

Price of bond=$4,092.49

Therefore the price of the bond will be $4,092.49

Piedmont Hotels is an all-equity company. Its stock has a beta of 1.23. The market risk premium is 6.9 percent and the risk-free rate is 2.7 percent. The company is considering a project that it considers riskier than its current operations so it wants to apply an adjustment of 1.9 percent to the project's discount rate. What should the firm set as the required rate of return for the project

Answers

Answer:

The required rate of return for the project will be 13.087%

Explanation:

To calculate the required rate of return for the project, we must first calculate the required rate of return for the firm's equity. The required rate of return can be calculated using the CAPM or Capital Asset Pricing Model equation. The formula for required rate of return (r) under this model is,

r = rRf + Beta * rpM

Where,

rRF is the risk free raterpM is the risk premium on market

r = 0.027 + 1.23 * 0.069

r = 0.11187 or 11.187%

The discount rate that is usually used for an all equity firm is its required rate of return. Thus, the required rate of return for the project will be,

r = 0.11187 +  0.019

r = 0.13087 or 13.087%

Which contingency of power are unions mainly applying by going on strike at a critical time in the company's business cycle

Answers

Answer:

Centrality

Explanation:

By going on strike at a critical time in business cycle the contingency of power is centrality. Centrality is the degree and nature of power of interdependence that exists between between the the person holding power and others. Centrality determines the number of people who are affected by the decisions made by the person holding power.

Firms that compete in the global marketplace typically face two types of competitive pressures, namely, the pressures for _______ and _______.
a. global integration; local responsiveness
b. politically sensitivity; market leadership
c. cost reductions; marginal costs
d. price reductions; cost reductions

Answers

Answer:

a. global integration; local responsiveness.

Explanation:

A competitive pressure in business management can be defined as the  degree of competition faced by a firm which involves the process of seeking to have a significant share of the available customers and market in a specific industry.

Firms that compete in the global marketplace typically face two types of competitive pressures, namely, the pressures for global integration and local responsiveness.

A global integration can be defined as the degree to which a particular firm can make use of the available resources, products and methods in another country.

On the other hand, local responsiveness can be defined as the extent to which a particular firm must customize or tailor its products and methods of production in order to meet conditions in another country.

You borrow $25,000 to be repaid in 24 monthly installments of $1,212.17. The annual interest rate is closest to:

Answers

Answer:

15%

Explanation:

For computing the annual interest rate we need to apply the RATE formula i.e to be shown in the attachment below;

Given that,  

Present value = $25,000

Future value or Face value = $0

PMT = $1,212.17

NPER = 24 months

The formula is shown below:  

= Rate(NPER;PMT;-PV;FV;type)  

The present value come in negative  

So, after applying the above formula,

The annual interest rate is

= 1.25% × 12 months

= 15%

Owen expects to receive at the end of next year from a trust fund. If a bank loans money at an interest rate of ​, how much money can he borrow from the bank on the basis of this​ information?

Answers

Answer: a) $18,605

Explanation:

The amount he can borrow today will be an amount that when grown at a rate of 7.5% per year will equal $20,000 in a year.

20,000 = Amount + ( Amount * rate * time)

20,000 = Amount + (7.5% * Amount)

2,000,000 = 1.075 * Amount

Amount = $18,605

TB MC Qu. 7-77 Corbel Corporation has two divisions: Division A and ... Corbel Corporation has two divisions: Division A and Division B. Last month, the company reported a contribution margin of $47,700 for Division A. Division B had a contribution margin ratio of 35% and its sales were $231,000. Net operating income for the company was $27,200 and traceable fixed expenses were $59,700. Corbel Corporation's common fixed expenses were:

Answers

Answer:

Corbel Corporation's common fixed cost  is $41,650

Explanation:

Division A contribution margin       $47,700

Division B contribution Margin       $80,850           $128,550

($231,000 * 35%)

Less: Traceable fixed cost              $59,700

Operating Income                           $27,200           ($86,900)

Common fixed cost                                                   $41,650

Tanner-UNF Corporation acquired as a long-term investment $190 million of 8% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until maturity, but when the bonds were acquired Tanner-UNF decided to elect the fair value option for accounting for its investment. The market interest rate (yield) was 10% for bonds of similar risk and maturity. Tanner-UNF paid $160 million for the bonds. The company will receive interest semiannually on June 30 and December 31. As a result of changing market conditions, the fair value of the bonds at December 31, 2021, was $170 million.

Required:
a. Prepare the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2021.
b. Prepare the journal entry by Tanner-UNF to record interest on December 31, 2021, at the effective (market) rate.
c. At what amount will Tanner-UNF report its investment in the December 31, 2021, balance sheet? Why?
d. Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to sell the investment on January 2, 2022, for S190 million. Prepare the journal entry to record the sale.

Answers

Answer and Explanation:

a. Investment in bonds Dr, $190 million

            To Discount on bond investment $30 million

             To Cash $160 million

(Being purchase of investment is recorded)

b. Cash Dr, ($190 × 8% × 6 ÷ 12) $7.6 million

    Discount on bond investment Dr, $0.4 million

                       To Interest revenue ($160 × 10% × 6 ÷ 12) $8 million

(Being interest on bonds is recorded)

c. The computation of investment in the December is shown below:-

Bond investment   $190 million

Less: discount on bond investment ($30 - $0.4)  -$29.6 million

Amortization cost $160.40 million

As the company reports fair value of $190 million in its balance sheet. Also the timing of selling and purchase the investment is decided by the management as there is a market value, available for sale securities, the market rate of return varies and the short term, as well as the long term securities, are also invested

d. Cash Dr, $190 million

    Discount on Bonds investment Dr, $29.6 million ($30 million - $0.4 million )

    Loss on sale of bonds Dr, $29.6 million

                    To Investment in bonds $190 million

(Being sale of bonds is recorded)

Mr. Fred Mitchell is requesting the birth record for Amy, his birth daughter. Mr. and Mrs. Mitchell gave Amy up for adoption four years ago. Should you release the records to him? Why or why not?

Answers

Answer: No you should not

Explanation:

Mr. and Mrs. Mitchell gave Amy up for adoption four years ago and in effect legally voided their guardianship of her. As far as the law is concerned, they are no longer Amy's parents. As such, Mr Fred Mitchell requesting for information on the girl is akin to a stranger doing the same and so cannot be honored, at least not without the consent of the new parents.

Sam and Suzy Sizeman need to prepare a cash budget for the last quarter of 2020 to make sure they can cover their expenditures during the period. Sam and Suzy have been preparing budgets for the past several years and have been able to identify the percentage of their income that they pay for most of for their cash outflows. These percentages are based on their​ take-home pay​ (e.g., monthly utilities normally run 5.1% of monthly​ take-home pay).

The information in the following table can be used to create their fourth-quarter budget for 2013.

Income

Monthly take-home pay $4,900

Expenses:
Housing 30%
Utilities 5%
Food 10%
Transportation 7%
Medical/dental 0.5%
Clothing for October and November 3%
Clothing for December $440
Property taxes (November only) 11.5%
Appliances 1%
Personal care 2%
Entertainment for October and November 6%
Entertainment for December $1,500
Savings 7.5%
Other 5%
Excess cash 4.5%

Required:
a. Prepare a quarterly cash budget for Sam and Suzy covering the months October through December 2013.
b. Are there individual months that incur a deficit?
c. What is the cumulative cash surplus or deficit by the end of December 2013?

Answers

Answer:

a)                      Statement showing Cash Budget

Particulars       October$     November$   December$    Total

$

Monthly take     4,900.00       4,900.00        4,900.00     14,700.00

home pay

Housing at 30%  1,470.00        1,470.00  1,470.00        4,410.00

Utilities at 5%     245.00         245.00            245.00         735.00

Food at 10%     490.00         490.00            490.00         1,470.00

Transportation   343.00          343.00             343.00         1,029.00

at 7%

Medical at 0.5%   24.50             24.50              24.50            73.50

Clothing at 3%     147.00           147.00                   -               294.00

for Oct and Nov

Clothing for Dec        -                -                 440.00           440.00

Property Taxes          -          563.50                -                563.50

at 11.5% for Nov

Appliances at 1% 49.00           49.00              49.00             147.00

Personal Care      98.00           98.00               98.00            294.00

at 2%

Entertainment     294.00           294.00                      -           588.00

at 6% for Oct and Nov

Entertainment               -                   -                1,500.00       1,500.00

for Dec

Savings at 7.5%   367.50         367.50             367.50           1,102.50

Other 5%               245.00         245.00            245.00          735.00

Excess Cash          220.50        220.50            220.50           661.50

at 4.5%  

Remaining Cash    906.50          343.00          -592.50          657.00

b) Yes-  In December there is a deficit of $592.50

c) Cumulative surplus is of $657 by end of Dec 2013

in which order would the expectancy theory place the following events? a) outcome valence, performance, effort b) performance, effort, outcome valence c) effort, outcome valence, performance d) performance, outcome valence, effort e) effort, performance, outcome valence

Answers

Answer: e. effort, performance, outcome valence

Explanation:

The expectancy theory analyses and explains the reason why people behave the way they do. The expectancy theory explains that individual behave the way they do because they believe their efforts which they put into a particular activity will bring about an outcome.

The first thing that comes first is the effort which one puts into an activity, after then is the performance and lastly the outcome.

The Treasury bill rate is 4% and the market risk premium is 7%.

Project Beta Internal rate of return %
P 1.0 14
Q 0 6
R 2.0 18
S 0.4 7
T 1.6 20

Required:
a. What are the project costs of capital for new ventures with betas of 0.75 and 1.75?
b. Which of the following capital investments have positive NPVs?

1. P
2. Q
3. R
4. S
5. T

Answers

Answer:

the answer is going to be 3. R

Differentiate between team and teamwork

Answers

Team - A team is a group of individuals working together to achieve their goal(s).

Teamwork - Teamwork is the collaborative effort of a group to achieve a common goal or to complete a task in the most effective and efficient way. This concept is seen within the greater framework of a team, which is a group of interdependent individuals who work together towards a common goal.

(From Wikipedia)

Answer:

The correct answer is

Explanation:

Team: A group of people working together to achieve their goals.

Teamwork: A skill used by a group of people to achieve their required goal. It helps to finish the work perfectly and efficiently. It also shows that the members of that particular group are skillful and hard working.

Hope this helps....

Have a nice day!!!!

You short-sell 100 shares of Tuckerton Trading Co., now selling for $44 per share. What is your maximum possible gain, ignoring transactions cost

Answers

Answer:

$4,400

Explanation:

Calculation for the maximum possible gain, ignoring transactions cost

Using this formula

Maximum possible gain = Sale proceeds - Cost of purchasing the share

Let plug in the formula

Maximum possible gain = (100 shares *$44 per shares)- (100 shares *0) = 14000

Maximum possible gain=$4,400-0

Maximum possible gain=$4,400

Therefore the maximum possible gain, ignoring transactions cost will be $4,400

The owners of a landscaping business decide they need insurance to cover their trucks in case of accidents , injuries caused by flying debris from their trimmers and blowers, and property damage caused by falling tree limbs. What type of policy should the owners consider to cover all of these risk?

Answers

A business owners policy

Answer:

it is a business owners policy

Explanation:

APEX

A company estimates that it can sell 5,000 headphone each week if it prices each set of headphones at $20. However, its weekly number of sales will increase by 1000 units for each $1 decrease in price. At what price is revenue maximum? What is the maximum revenue and how many sets of headphones should the company expect to sell? Write your conclusions in a sentence.

Answers

Answer:

At what price is revenue maximum?

$13 and $12 per unit (maximum revenue $156,000)

What is the maximum revenue and how many sets of headphones should the company expect to sell?

$156,000

Write your conclusions in a sentence.

When the price is higher than $12 per unit, demand is elastic, which means any decrease in price will result in a larger proportional increase in quantity demanded. This in turn increases total revenue. Below $12 per unit, demand is inelastic, which means that a decrease in price will result in a smaller increase in quantity demanded.

Explanation:

price            quantity demanded       total revenue

$20                            5000               $100000

$19                            6000               $114000

$18                      7000                 $126000

$17                      8000                 $136000

$16                      9000               $144000

$15                      10000               $150000

$14                      11000               $154000

$13                      12000               $156000

$12                      13000               $156000

$11                             14000               $154000

$10                      15000               $150000

$9                      16000               $144000

$8                      17000               $136000

$7                      18000               $126000

$6                      19000               $114000

$5                      20000       $100000

$4                       21000        $84000

3                       22000        $66000

2                       23000        $46000

1                       24000        $24000

The market for hot dogs on the streets of New York City can be considered close to a perfectly competitive market. Because there are so many individuals buying and selling hot dogs:

Answers

Question:

The market for hot dogs on the streets of New York City can be considered close to a perfectly competitive market. Because there are so many individuals buying and selling hot dogs:

A) there is a shortage of hot dogs

B) there is a surplus of hot dogs

C) market forces set the price in the market

D) firms are able to make large economic profits

E) firms cannot make positive accounting profits

Answer:

The correct answer is C.

Explanation:

Perfect competition is a market/ industry situation where there are numerous companies producing similar or perfect substitute products. Also, in the same market, none of the players is large enough to single-handedly influence the market especially with respect to price.

Cheers!

measures that can be taken to increase equilibrium level of income.​

Answers

Answer:

the government directly affects the level of equilibrium in come into specific ways government purchase of goods and services (G) increase aggregate demand and taxes and transfer separate the relation between income (d) and disposal income (YD) while the income available for consumption and savings with the households.

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