Price taker - Study guides, Class notes & Summaries

BMAL590 Microeconomics Exam Questions and Answers All Correct A legal entity, in its own right, that can be closely held (with few shareholders) or widely held (with hundreds of thousands of shareholders is called ____________ - Answer-a corporation All other inputs remaining the same, the additional output that may result from an additional unit of labor is _________ - Answer-marginal product Average total costs is equal to which of the following? - Answer-The sum of average variable ...

What are the likely reason(s) that the market for electricity is not perfectly competitive? Select all that apply. check all that apply  It is difficult to enter or exit the industry as a supplier.  Electricity is not a standardized (homogeneous) product.  There are few buyers in the market.  There are few sellers in the market. Producing electricity requires high start-up costs for power plants and power lines. This will prevent companies from entering the market. In additio...

What is a price taker? - ANSWER-A company that has to accept the price that the market sets for a good. They have no influence over setting the price. What is a price maker? - ANSWER-a firm possessing the power to set the price within the market. They still need to track all costs in order to make sure they are making an adequate return. What is the major purpose and use of job order costing? a. To create a system that tracks both manufacturing and period costs and assigns both to produ...

1. What are the likely reason(s) that the market for electricity is not perfectly competitive? Select all that apply. check all that apply  It is difficult to enter or exit the industry as a supplier.  Electricity is not a standardized (homogeneous) product.  There are few buyers in the market.  There are few sellers in the market. Producing electricity requires high start-up costs for power plants and power lines. This will prevent companies from entering the market. In add...

What is a price taker? - Answer A company that has to accept the price that the market sets for a good. They have no influence over setting the price. What is a price maker? - Answer a firm possessing the power to set the price within the market. They still need to track all costs in order to make sure they are making an adequate return. What is the major purpose and use of job order costing? a. To create a system that tracks both manufacturing and period costs and assigns both to...

EC 210 Final Exam Question and answers correctly solved A firm in a price-taker market a. must take the price that is determined in the market. b. must reduce its price if it wants to sell a larger quantity. c. must be large relative to the total market.

EC 210 Final Exam Question and answers already passed A firm in a price-taker market a. must take the price that is determined in the market. b.

Price taker - Answer A business must accept the SPPU due to little ability to compete with the price maker Necessity Goods - Answer Demand increase proportionally less than income Product life cycle - Answer Theory that sales of all products follow a similar pattern over time - development, introduction, growth, maturity and decline Brand - Answer A name, sign, symbol, slogan that is recognizable Builds customer loyalty to brand Socio Economic Status - Answer Segmenta...

Mutually owned co-operative financial institutions offering benefits to members through a trust-like structure" describes which type of Insurer/Fund Manager? - Answer- Friendly Society Which is the decision-making process of framing? - Answer- To remove the 'noise' from an issue to allow us to see the problem for what it is Under the RG271 what is the maximum timeframes for IDR response for a Superannuation trustee complaints? - Answer- 45 days after receiving the complaint In the se...

ECON 201 Final Study Guide Exam 61 Questions with Verified Answers The marginal revenue curve of a monopolist lies below the demand curve because: a. the marginal revenue curve coincides w/ the average revenue curve b. the monopolist is a price taker c. the monopolist must lower price on all units sold in order to sell additional units d. the demand curve is unit elastic - CORRECT ANSWER c. the monopolist must lower price on all units sold in order to sell additional units A monopolist...