Price taker - Study guides, Class notes & Summaries

CMN 140 Exam1, CMN 140 Exam 2, CMN 140 Final 194 Questions with Verified Answers "Hardware" vs "Software" of the brain - CORRECT ANSWER *Hardware:* -Biological organ of communication -Computation is processed in gray matter -> e.g. how info is processed in the brain -Info is transmitted via white matter *Software:* -The brain gives rise to the mind -Some programs are innate (e.g. capacity for language) -Some are learned (e.g. English language) *There is a deep physical conn...

WGU C718 Full Study Guide Questions and Correct Answers 2024 What is the definition of economics? - Answer -the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Answer -Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit What are the characteristics of an ...

AGEC 333 Final Actual Exam Questions and CORRECT Answers A price taker is one who has little say over establishing an asking price - CORRECT ANSWER- True Storage, transportation, and financing are facilitating functions of marketing - CORRECT ANSWER- False Farmer's marketing programs are typically not as strong as the procurement programs of their buyers - CORRECT ANSWER- True

AGEC 333 Final UPDATED Actual Exam Questions and CORRECT Answers 1. A price taker is one who has little say over establishing an asking price. - CORRECT ANSWER- True 2. storage, transportation, and financing are facilitating functions of marketing. - CORRECT ANSWER- False 3. farmers marketing programs are typically not as strong as the procurement programs of their buyers - CORRECT ANSWER- True

WGU C718 Full Study Guide | 104 Questions and Correct Solutions 2024 What is the definition of economics? - Answer -the study of how humans make decisions in the face of scarcity What are economic and accounting profits? - Answer -Accounting - profit computed using only explicit costs Total revenue - Explicit costs = accounting profit Economic - profit computed using explicit and implicit costs Total revenue - Explicit costs - Implicit costs = Economic profit What are the characteristic...

perfect competition - Answer a market structure in which a large number of firms all produce the same product Perfectly competitive market Characteristics - Answer 1. infinite number of suppler and consumers 2. each firm is a price taker 3. consumers have perfect information 4. producers have perfect information 5. products are homogeneous 6. Firms are profit maximisers 7. no entry barriers Allocative efficiency in perfect competition - Answer it is allocatively efficien b...

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...

Which of the following is NOT a determinant of market structure? correct answers The capital-labour ratio of the firm The term "perfect competition" refers to correct answers a type of market structure In economics, perfect competition refers to a market structure where correct answers each firm has zero market power A firm is said to have "market power" only when correct answers it has the ability to influence the price of its product The theory of perfect competition is built o...

Perfect Competition - Answer Many buyers and sellers The goods offered are largely the same Firms can freely enter or exit the market Price Taker - Answer Takes the price as given Pric e per unit sold is constant because there are many buyers and sellers, and the goods offered are the same Price Equilibrium - Answer Firms look to this to determine what to change Profit Equation - Answer Profit=TR-TC Total Revenue Equation - Answer TR=PxQ Average Revenue Equation - An...

WGU D101 Cost and Managerial Accounting Questions & Answers What is a price taker? -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? -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 manufacturin...