Why are productive and allocative efficiencies in the long-run achieved by the firms within the perfectly competitive market, but these efficiencies are not realized in any of the imperfectly competitive markets?
Answers
In perfectly competitive markets, productive and allocative efficiencies are achieved in the long run due to the presence of certain characteristics that promote competition and efficiency. Firstly, perfect competition ensures that there are numerous buyers and sellers in the market, leading to a large number of firms producing identical products. This eliminates any market power and ensures that no individual firm can influence the market price.
In a perfectly competitive market, firms are price takers, meaning they have no control over the market price and must accept it as given. This leads to productive efficiency, as firms have an incentive to minimize costs and operate at the lowest average cost in order to remain competitive. Firms in this market structure are driven to adopt efficient production techniques and utilize resources optimally to minimize costs.
Allocative efficiency is achieved in a perfectly competitive market through the mechanism of free entry and exit. If firms in the market are earning economic profits in the short run, new firms will be attracted to enter the market. This increases competition, drives down prices, and eliminates profits until firms earn only normal profits in the long run. At the long-run equilibrium, resources are allocated in a way that maximizes consumer satisfaction, as firms produce the quantity where marginal cost equals marginal revenue, which is also equal to the market price.
In contrast, imperfectly competitive markets, such as monopolistic competition or oligopoly, are characterized by limited competition and market power held by individual firms. In these markets, firms have some control over the market price and can influence it to maximize their own profits. As a result, productive and allocative efficiencies are not fully realized, as firms may not have strong incentives to minimize costs or produce at the socially optimal level. Imperfectly competitive markets can lead to higher prices, lower output, and less efficient allocation of resources compared to perfectly competitive markets.
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Related Questions
define the set in words. choose the correct answer below. a. the set of cars that have 3 or more years warranty or do not have a good safety rating. b. the set of cars that have 3 or more years warranty and do not have a good safety rating. c. the set of cars that have 3 or more years warranty and have a good safety rating. d. the set of cars that have 3 or more years warranty or have a good safety rating.
Answers
If the car cannot be fixed after a reasonable number of attempts, the customer must be given the option of a replacement or a refund.
What different sorts of replacement are there?
replacement of things that lose their value over time. 3. Replacement of products that become out of date as a result of new advancements. 2. Replacement of objects that entirely break down.
What does the word "replacement" signify in a sentence
An act of substituting for something that is missing is known as a replacement. Your substitute teacher is a bothersome replacement for your missing teacher.
All actions and procedures required to replace any existing Project Facilities component with a new one that serves the same purpose
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Project selection criteria are typically classified as:__________
Answers
The selection criteria for projects are often divided into qualitative and quantitative categories.
What standards apply to a project?The triple constraints—cost, scope, and time—are the three requirements for project success. Although the specifications may vary based on the project's business, employer, or aim, success depends on these three factors.
What three project criteria are there?The three components are scope, time, and cost. Any modification to one of these components will require a change in another component as well. This article describes the project management triangle's theory and how to apply it to successfully manage projects even while requirements and circumstances change ineluctably.
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A cook checks the temperature of soup being held for service, and it is 130°F (54°C). The cook reheats the soup to 165°F (74°C). This is an
example of
Answers
Answer: taking a corrective action.
Explanation:
From the question, we are informed that a cook checks the temperature of soup being held for service, and it is 130°F (54°C) and then tge cook reheats the soup to 165°F (74°C). This is an example of taking a corrective action.
A correction action refers to a solution that helps in fixing a particular problem.
In this case, the corrective action taken by the cook helps in preventing the soup from spoiling.
In ____________________ temperatures, the charge termination set point (CTSP) is reached before the battery has a chance to become fully charged.
Answers
In extremely cold temperatures, the charge termination set point (CTSP) is reached before the battery has a chance to become fully charged.
During cold weather conditions, the chemical reactions within a battery slow down, reducing its overall efficiency. This means that the battery takes longer to reach its full charge capacity. However, the CTSP, which is a predefined voltage or current level at which the charging process is terminated to prevent overcharging, may be reached before the battery reaches its maximum charge.
When the CTSP is reached, the charging process is stopped even if the battery is not fully charged. This is done to protect the battery from potential damage that can occur from overcharging, such as excessive heat generation or electrolyte breakdown. Therefore, in extremely cold temperatures, the CTSP is reached earlier in the charging process, resulting in a battery that is not fully charged.
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As a factor of production, what is capital?
A. an industrial good
B. the natural resources used to create a product
C. the entrepreneur who sees how to make something useful
D. the tangible products made by labor
Answers
Answer:
Option "D" is the correct answer.
Explanation:
Labor produces tangible goods, which are referred to as capital. There are production-related man-made items such as machinery, vehicles, and chemicals. That is what sets them apart from commercial products.
Explain how running the school cafeteria is similar to running a command economy.
Answers
Answer:
Running the school cafeteria is similar to running a command economy. The school principal and kitchen staff, similar to a political leader and his/her government provides for the general population. The people in a power position dictate the rules for the cafeteria; what can be served etc.
Hope it helps you.Find the total balance of each investment account earning simple annual interest. A: $624 at 5% for 3 years B: $4,120 at 7% for 18 months C: $900 at 3. 1% for 6 months D: $275 at 4. 8% for 8 years.
Answers
Answer:
formula: Interest = P * R * T /100
Apply it in every part.
A) I = 624 * 5 * 3 / 100
I = 9360/100
I = 93.60
So, Total amount = 93.60 + 624 = $717.60
B) I = 4120 * 7 * 3 / 2*100
I = 86520 / 200
I = 432.60
So, Total amount = 432.60 + 4120 = $4552.60
C) I = 900 * 3.1 * 1 / 2 * 100
I = 2790 / 200
I = 13.95
So, Total Amount = 13.95 + 900 = $913.95
D) I = 275 * 4.8 * 8 /100
I = 10560 / 100
I = 105.60
So, Total amount = 105.60 + 275 = $380.60
Explanation:
is sueing someone for 50,000 dollars for no reason an example of integrity because recently a neighbor in my neighborhood was being rude and then continued to say that people who are not like him do not have integrity... (before get further in just know this guy smokes weed and get drunk like every day and also know one of my other neighbors works for selling houses in my neighborhood) he then sues one of my neighbors who sells houses for no reason and for 50,000 dollars. So...is this integrity lol also let me know if I should tell more crazy stories in my life on brainly lol.
Answers
Answer:
ohExplanation:
.............................
(10 points) Suppose Company XYZ (a US Company) would like to borrow fixed-rate Yen, whereas Commonwealth Bank (CB) would like to borrow floating-rate US dollars. XYZ can borrow fixed-rate Yen at 6.0% or floating-rate US dollars at LIBOR + .25%. CB can borrow fixed-rate Yen at 6.3% or floating-rate US dollars at LIBOR + .8%.
What is the range of possible cost savings that XYZ can realize through an interest rate/currency swap with CB? PLEASE BE SURE TO INCLUDE THE RANGE OF SAVINGS. FULL CREDIT WILL NOT BE GIVEN IF THE RANGE IS NOT INCLUDED.
If CB passed on .30% of the savings to XYZ how much savings would XYZ and CB enjoy through the swap?
Answers
To calculate the range of possible cost savings for XYZ through an interest rate/currency swap with CB, we need to compare the fixed-rate borrowing costs for each company in their respective currencies.
XYZ's fixed-rate borrowing cost in Yen: 6.0%
CB's fixed-rate borrowing cost in Yen: 6.3%
XYZ's fixed-rate borrowing cost in USD (LIBOR + 0.25%): LIBOR + 0.25%
CB's fixed-rate borrowing cost in USD (LIBOR + 0.8%): LIBOR + 0.8%
Now we need to consider the exchange rates and determine the cost savings for XYZ in each scenario.
Let's assume the exchange rate is 1 USD = X Yen.
If XYZ borrows fixed-rate Yen at 6.0%:
XYZ's cost in USD = (6.0% * X) USD
If XYZ borrows floating-rate USD at LIBOR + 0.25%:
XYZ's cost in USD = (LIBOR + 0.25%) USD
To find the range of possible cost savings, we need to compare XYZ's cost in scenario 1 with XYZ's cost in scenario 2. Let's assume XYZ's cost in scenario 2 is lower.
Range of cost savings = [(6.0% * X) - (LIBOR + 0.25%)] USD
If CB passed on 0.30% of the savings to XYZ, XYZ would receive:
Savings = 0.30% * Range of cost savings
CB would enjoy the remaining savings.
Please note that the specific values for LIBOR, exchange rate, and calculations need to be provided in order to determine the exact range of cost savings and the savings for XYZ and CB.
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Why should businesses be socially responsible? Give any two reasons.
Answers
Answer:
Embracing CSR increases customer retention and loyalty, increases employee engagement, improves brand imaging, attracts investment opportunities and top talent, and makes a difference for bottom-line financials.
Explanation:
Yeah.
The main purpose of a depository institution is to:
A. hold deposits in accounts and use that money to offer loans.
B. provide guaranteed payments to depositors under specific
conditions.
C. use deposited money to purchase stocks and bonds in order to
make a profit.
D. allow customers to deposit money into accounts at no charge.
SUBMIT
Answers
Answer:
A. hold deposits in accounts and use that money to offer loans.
Explanation:
Depository institutions include commercial banks, credit unions, among others. They provide a safe, secure, and convenient way for customers to save money and a source of credit for households and businesses. Depository institution offers interest on deposits and uses that money to extends loans at a higher interest.
Interest on loans is the main source of revenue for depository institutions. They create loans from customer deposits and facilitate household and business expansion in the economy.
A. hold deposits in accounts and use that money to offer loans.
Brie has a really busy day. She has several tasks to do and she needs to get them all done by the end of the day. She’s worried that she won’t be able to complete them all. Which of the following actions should her get each task done?
A. NOT LOOK AT THE CLOCK
B. SAVE SOME TASK FOR TOMMOROW
C. SPEND TIME REORGANIZING HER "TO DO" LIST
D. IMPOSE A TIME LIMT ON EACH TASK
Answers
Answer : C
Explanation:
Brie has a really busy day. She has several tasks to do and she needs to get them all done by the end of the day. The following actions should her get each task done spend time reorganizing her "To Do List."
What is "TO DO LIST?A to-do list is simply a list of tasks that need to be completed. In other words, pretty much anything and everything can be on your to-do list. However, just because you've written your tasks down doesn't mean they'll actually be done. You can prioritize your tasks and produce excellent work by keeping track of when they are due.
It is a list of things you need to get done or desire to do. They are usually arranged according to priority. They serve as a memory aid and are typically written on paper or post-it notes.
Further that TO DO LIST have to complete is one of the core time management tools. It places all of your tasks in one location. From there, you can order them by importance and focus on the most crucial ones first.
Therefore brain is not the most effective memory tool and only relies on methods that it is certain will work.
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The _____________ represented sweeping changes to the tax code and reframed the computation of employee income tax.
Answers
The Tax Cuts and Jobs Act represented sweeping changes to the tax code and reframed the computation of employee income tax.
What is Tax Cuts and Jobs Act?Tax Cuts and Jobs Act serves as the established act that focus on the changes to the tax code as regards the employees.
Therefore,Tax Cuts and Jobs Act changes to the tax code reframed the computation of employee income tax.
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Refer to the above diagram. Starting at point E, the production of successive units of bread will cost: Select one: a. a constant 6 units of tractors. b./8.1/8, 4, and 1/2 units of tractors. c. 1/2, 1/4, 1/6, and 1/g units of tractors. d. a constant 8 units of tractors.
Answers
Starting at point E, the production of successive units of bread will cost B. 1/8 , 1/6, 1/4 and 1/2 units of tractors
How to illustrate the production?The different tractor and bread combinations that can be produced with the available resources are displayed on the production possibilities frontier.
4 tractors and 0 loaves are produced at point E. Three tractors and eight loaves are produced at point D. It will cost 1/8 tractors to produce a unit of bread because it takes one tractor less to produce 8 breads than it would otherwise.
Two tractors and fourteen loaves are produced at point C. Similar sacrifices are made in order to make six more loaves of bread. A unit of bread will therefore require 1/6 tractors to produce.
18 loaves of bread and 1 tractor are made at location B. Similar to that, producing one unit of bread will cost 1/4 of a tractor. 20 loaves of bread and 0 tractors are created at point A. A loaf of bread will cost half a tractor to produce.
So, "Option B" is the proper response.
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Frank is lending $1,000 to Sarah for two years. Frank and Sarah agree that Frank should earn a 1 percent real return per year. Instructions: Enter your responses as as whole numbers. a.The CPI (times 100) is 100 at the time that Frank makes the loan. It is expected to be 117 in one year and 136.9 in two years. What nominal rate of interest should Frank charge Sarah? The nominal rate of interest charged should be %. b. Suppose Frank and Sarah are unsure what the CPI will be in two years. How should Frank index Sarah's annual repayments to ensure that he gets an annual 1 percent real rate of return. Frank should charge Sarah % the inflation rate.
Answers
Answer:
a) 18%
b) if Frank and Sarah are unsure about future inflation rate, they can agree on a variable interest rate. For e.g. this year the inflation rate was 17%, so the interest charged is 18%. If next year the interest rate is 15%, then the interest charged should be 16%.
the formula that they can use to calculate inflation rate is:
for calculating the first year's inflation rate = [(CPI₁ - CPI₀) / CPI₀] x 100for calculating the second year's inflation rate = [(CPI₂ - CPI₁) / CPI₁] x 100Explanation:
principal $1,000
real return = 1%, that means that Frank will earn inflation rate + 1%
since the CPI increases by 17% every year, then Frank must charge 17% + 1% = 18%
In the numi organic tea case study numi organic tea was founded based on the principles of?
Answers
Numi Organic Tea was founded based on the principles of sustainability, creativity, and quality organics.
Numi sources its ingredients from organic farms that practice sustainable farming methods. This helps to protect the environment and ensure that the ingredients are of the highest quality.Numi's teas are all unique and flavorful. The company works with tea masters from around the world to create new and innovative blends.Numi only uses organic ingredients in its teas.The founders of Numi are dedicated to making a positive impact on the communities where their teas are grown and sourced. They actively support initiatives such as education, healthcare, and infrastructure development in tea-growing regions.
This means that the ingredients are grown without the use of synthetic pesticides or fertilizers.Numi's commitment to these principles has helped the company to become a leader in the organic tea market. The company's products are sold in over 30 countries around the world.
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First National Bank charges 11.7 percent compounded monthly on its business loans. First United Bank charges 11.9 percent compounded semiannually.
Answers
Answer:
a. EAR for First National Bank = 12.35%
b. EAR for First United Bank = 12.25%
Explanation:
Note: This question is not complete. The complete question is therefore provided before answering the question as follows:
First National Bank charges 11.7 percent compounded monthly on its business loans. First United Bank charges 11.9 percent compounded semiannually.
Calculate the EAR for First National Bank and First United Bank. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Explanation of the answers is now given as follows:
The effective annual rate (EAR) can be calculated using the following formula:
EAR = ((1 + (i / n))^n) - 1 .............................(1)
Where;
i = Annual interest rate of the bank
n = Number of compounding periods in a year
Therefore, we have:
a. Calculation of the EAR for First National Bank
i = Annual interest rate of First National Bank = 11.7%, or 0.117
n = Number of compounding periods in a year = 12
Substituting the values into equation (1), we have:
EAR for First National Bank = ((1 + (0.117 / 12))^12) - 1
EAR for First National Bank = 1.12348257790079 - 1
EAR for First National Bank = 0.12348257790079, or 12.348257790079%
Rounding to 2 decimal places as required, we have:
EAR for First National Bank = 12.35%
b. Calculation of the EAR for First United Bank
i = Annual interest rate of First United Bank = 11.9%, or 0.119
n = Number of compounding periods in a year = 2
Substituting the values into equation (1), we have:
EAR for First United Bank = ((1 + (0.119 / 2))^2) - 1
EAR for First United Bank = 1.12254025 - 1
EAR for First United Bank = 0.12254025, or 12.254025%
Rounding to 2 decimal places as required, we have:
EAR for First United Bank = 12.25%
When looking at a financial aid award letter, which type of aid would you have to pay back?
a) Federal work-study
b) merit scholarship
c) federal pell grant
b) Perkins loan
Answers
Answer:
There are four components you need to consider: Yearly costs, such as tuition, fees, books, room and board, travel expenses, etc. Financial aid that you don't have to pay back, such as scholarships, grants, and work-study. Financial aid that you do need to pay back, such as as federal loans.
Explanation:
I hope this helps!What two things should be included when summarizing?
1.Numbers
2.Main idea
3.Key points
4.Names
Answers
3. key points
Main idea and also Key points
True or False: It has been suggested throughout this course that HRM cannot be effective without the support and direction of top management. Without that support, HRM is very limited on what it can change and influence within the company.
Answers
The given statement: HRM cannot be effective without the support and direction of top management. Without that support, HRM is very limited on what it can change and influence within the company is TRUE.
The effectiveness of human resource management (HRM) is highly dependent on the support and direction of top management. Without such support, HRM may struggle to implement strategic initiatives or make significant changes to company culture or policies.
For example, without top management's buy-in, HRM may be unable to implement diversity and inclusion initiatives, improve employee engagement, or provide sufficient training and development opportunities.
In addition, HRM may face challenges in recruiting and retaining top talent without the support of top management to allocate resources towards competitive compensation packages and benefits. Therefore, it is crucial for HRM to have the support and direction of top management to achieve the organization's strategic goals and effectively manage the company's workforce.
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For the month of September, Florida, Inc., incurs a direct materials cost of $12,000 for 7,500 gallons of strawberry lemonade produced in its Mixing Department. It also incurs conversion costs of $6,000 with 80% completed. If the direct materials cost per equivalent unit was $0.90 in August and the conversion cost per equivalent unit was $1.15 per gallon in August, what is the difference in the direct materials cost per equivalent unit between the two months
Answers
The difference in the direct materials cost per equivalent unit between the two months is $0.70
What is direct materials cost?
Direct material cost is the cost of the raw materials and components used to create a product.
First, we need to calculate the direct cost per equivalent unit in September.
Direct cost per equivalent unit
= Total Cost / Total Equivalent units
= $12,000 / 7,500
= $1.60
Also,
Difference between the two months.
September - August
= $1.60 - $0.90
= $0.70
Therefore, the difference in the direct materials cost per equivalent unit between the two months is $0.70
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Select the correct answer. Which term describes the ability to use different types of reasoning for different situations and analyze the possible outcomes of a decision? A. critical thinking B. goal setting C. decision making D. planning
Answers
None of the other answers make sense.
Critical thinking involves deep thought into a problem while also factoring other events into play.
Explanation- you need to think to analyze situations
Generate a et of data with no more than eight data point, in which the mean i 4. 5
Answers
Here is a sample set of 8 data points with a mean of 4.5:4, 5, 4, 6, 5, 4, 5, 6 with no more than eight data point.
To calculate the mean of a set of data, you add up all the values and divide by the number of values in the set. The mean represents the average value of the set.
In this set of 8 data points: 4, 5, 4, 6, 5, 4, 5, 6
The sum of the values is: 4 + 5 + 4 + 6 + 5 + 4 + 5 + 6 = 39
And when you divide the sum by the number of values, which is 8, you get: 39 / 8 = 4.875
Rounding to one decimal place, the mean is 4.9.
However, to have a mean of 4.5, you would have to adjust the set of data points slightly so that their mean is exactly 4.5.
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According to public choice economists, the federal government has expanded because
A. the federal government is efficient in its spending.
B. deficit spending has reduced the perceived cost of current government operations.
C. taxpayers pay the full cost of current government operations.
D. the public likes to pay higher taxes to finance more programs.
Answers
Economists believe that the federal government has expanded because B. deficit spending has reduced the perceived cost of current government operations.
What do economists think of the federal expenditure?They believe that because the government can finance more expenditure with debt, they have engaged in more expenses than they can actually afford.
This means that the government no longer views the cost of government operations as high because they can engage in deficit spending.
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HELP ASAP WILL GIVE BRAINLIEST!!! A restaurants claims to have all-beef burgers, but in reality their burgers arent 100% beef. What type of law or regulation is this restaurant breaking?
Answers
Karen works in a department store. Her coworkers have diverse cultural backgrounds. Which statement shows that Karen understands the importance of multiculturalism?
A.
She values a consistent focus on knowing and completing her daily tasks.
B.
She expects everyone to conform to the same ideas about punctuality.
C.
She appreciates how other perspectives enhance customers’ shopping experiences.
D.
She values completing a job on schedule more than taking time to build relationships.
Answers
A.
She values a consistent focus on knowing and completing her daily tasks.Answer:
Explanation:
Kathy and Jake are purchasing a house and are financing $465,000. The mortgage is a 20-year
5/1 ARM at 3.5% with a 2/7 cap structure. What will the remaining balance be after the first 5 years?
a $396,038.65
b$427,354.28
c $407,836.29
d $377,238.57
Answers
Answer:
D
Explanation:
The remaining balance on a 20-year 5/1 ARM at 3.5% interest with a 2/7 cap structure after 5 years will be $377,238.57.
Pro life tip: Do NOT finance your home with an ARM mortgage.
Good luck in your studies!
Which of the following is TRUE? *
Short term goals are typically 1 - 2 years long
An example of a goal being achievable is someone wanting it really badly
Your most expensive expenses are typically entertainment and clothing
If you are over budget, you must increase income or decrease total expenses
Answers
Answer:
increase income or decrease total expenses
Explanation:
Over budget refers to a situation where the estimated costs exceed the actual resources available or the amount allocated. Over budget is when expenses are more than allocated finances.
There are insufficient funds in an over budget. To address the insufficient funds issue, more resources must be obtained, or the expenses must be reduced.
Banks do not hold a lot of their assets in the form of cash mainly because of:
a. regulation.
b. the fear of being robbed.
c. the opportunity cost of holding cash, cash does not earn interest.
d. it can encourage employee theft.
Answers
Banks do not hold a lot of their assets in the form of cash mainly because of the opportunity cost of holding cash, cash does not earn interest. The correct option is C.
Opportunity costs are the possible advantages that a person, investor, or company forgoes while deciding between two options. It is necessary to weigh the advantages and disadvantages of each choice offered in order to correctly assess opportunity costs.
The interest that could have been made if the cash had been used to buy bonds instead is the opportunity cost of keeping any money balance.
Therefore, due to the opportunity cost of holding cash and cash does not earn interest banks does nor prefer to hold a lot of their assets in the form of cash .
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michael has missed the last five project deadlines and has been late to work every day for the past two months. as a result, his boss provided him with two warnings and then handed his case over to the hr manager who will abide by the company policy for this type of issue. even though he lost his job, michael believes that fair methods were used to make this decision. this demonstrates the idea of .
Answers
A sensible decision-maker chooses actions that are advantageous to both herself and others. They approach the decision-making process with an open mind and don't let their own biases get in the way. After carefully weighing all of their alternatives and the potential consequences, they make wise selections.
Explain about the decision making?
Making decisions is crucial since it allows you to select from a variety of possibilities. It is important to gather all relevant information and consider the advantages and disadvantages of it before making a decision. It is essential to concentrate on actions that might guide you in making the best decisions.
The method by which alternatives are chosen and subsequently managed through execution to accomplish corporate goals is referred to as effective decision-making in this context. Effective decisions come from a methodical process that has aspects that are clearly defined and is handled in a specific order of steps, according to Drucker (1967).
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