Price taker Study guides, Class notes & Summaries

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 oligopoly? - ANSWER 1) few firms 2) barriers to entry Wh...

Ivy Software MBA Prepworks Fundamentals of Economics Exam - Complete Solutions (Answered) The main concept demonstrated in the production possibilities frontier is Opportunity cost When country A has a lower opportunity cost of producing sugar relative to country B, then country A is said to have Comparative Advantage A graph that shows the combinations of two goods that the economy can produce given the available scarce resources and available technology is called a Production Possibilities...

What is a price taker? - correct 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? - correct 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 assig...

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...

Question 1 of 29 One defining characteristic of pure monopoly is that: • A. The monopolist is a price taker • B. The monopolist uses advertising • C. The monopolist produces a product with no close substitutes • D. There is relatively easy entry into the industry, but exit is difficult Question 2 of 29 Which is a barrier to entry? • A. Close substitutes • B. Diseconomies of scale • C. Government licensing • D. ...

A price taker is one who has little to say over establishing an asking price - True Storage, transportation, and financing are all facilitating functions of marketing - False - Processing, Storage, Transport Farmers marketing programs are typically not as strong as the procurement programs of their buyers - True In terms of the market covered in chapter 2 the fast food restaurant industry is most like perfect competition. - False - Most like monopolistic Micro marketing is more complex fo...

WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages 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 -...

American Military University ECON 201 ECON201 FINAL EXAM Question 1 of 29 One defining characteristic of pure monopoly is that: • A. The monopolist is a price taker • B. The monopolist uses advertising • C. The monopolist produces a product with no close substitutes • D. There is relatively easy entry into the industry, but exit is difficult Question 2 of 29 Which is a barrier to entry? • A. Close substitutes • B. Diseconomies of scale • C. Government licensing ...

Livestock Auctions Marketing + : -convenient for the seller -competitive market -guarenteed to get paid -they work for you Livestock Auctions Marketing - : -commission -shrink -may not be "fully" paid for the genetics or management practices Direct Sales + : -No longer a "price taker" -cattleman must negotiate the sale -lock in the price with forward contracts -no comission costs -sell the quality of the catttle 2 -producer can develop a relationship with the buyer Direct Sa...

T/F A price taker is one who has little say over establishing an asking price. - True T/F Storage, Transportation, and Financing are facilitating functions of marketing. - False T/F Farmers' micro marketing programs are typically not as strong as the procurement programs. - True T/F The macro view of marketing is a competitive view of nearly all that occurs to a farm commodity between the farm gate and final consumer. - True T/F The exchange of functions of marketing are selling and trans...