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Question : 31) The price a perfectly competitive firm receives for its : 1387779

Economics

 

 

31) The price a perfectly competitive firm receives for its output

A) is determined by the interaction of the firm and all of the consumers who buy from the firm.

B) is determined by the interaction of all sellers and all buyers in the firm’s market.

C) will not change in response to changes in market demand and supply because the firm is a price taker.

D) will be lowered by the firm in order to sell more output.

 

 

32) Which of the following is the best example of a perfectly competitive firm?

A) a corn farmer in Illinois

B) a Taco Bell restaurant

C) the Ford Motor Company

D) the United Parcel Service (UPS)

 

 

33) Suppose the equilibrium price in a perfectly competitive industry is $10 and a firm in the industry charges $12. Which of the following will happen?

A) The firm will sell more output than its competitors.

B) The firm’s revenue will increase.

C) The firm will not sell any output.

D) The firm’s profits will increase.

 

34) Firms that are price takers

A) must lower their prices to increase sales.

B) are able to sell a fixed quantity of output at the market price.

C) can raise their prices as a result of a successful advertising campaign.

D) are able to sell all their output at the market price.

 

 

35) Firms in perfect competition are price takers because

A) one firm determines the price that all other firms in the industry will charge.

B) consumers have enough market power to set prices.

C) firms accept the price determined by the government.

D) each firm is too small relative to the market to be able to influence price.

 

 

36) A wheat farmer and a firm in a perfectly competitive market are similar in that

A) both face vertical demand curves.

B) both have to lower their prices if a rival firm lowers its price.

C) both face horizontal demand curves.

D) both will earn an economic profit if their total revenue equals their total cost.

 

37) Which of the following offers the best reason why restaurants are not considered to be perfectly competitive firms?

A) Restaurants do not sell identical products.

B) Restaurants compete in small market areas—neighborhoods and cities—rather than in regional or national markets. Therefore, restaurants are not small relative to their market size.

C) Restaurants usually have entry barriers in the form of zoning restrictions and health regulations.

D) Restaurants have significant liability costs that perfectly competitive firms do not have; for example, customers may sue if they suffer from food poisoning.

 

 

38) A perfectly competitive firm’s horizontal demand curve implies that the firm does not have to lower its price to sell more output.

 

 

39) The market demand curve for a perfectly competitive industry is the horizontal summation of each individual firm’s demand curve.

 

 

40) Perfectly competitive industries tend to produce low-priced, low-technology products.

 

 

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July 1, 2023
    
                            Howie Stars produces starts for elementary teachers to reward their students. Howie Stars' trial balance on June 1 follows:                               HOWIE STARS
Trial Balance
June 1, 2014                       Balance                     Account Title Debit Credit                     Cash $19,000                       Accounts receivable 188,000                       Inventories:                              Materials 5,700                            Work in process 42,500                            Finished goods 22,000                       Plant assets 260,000                       Accumulated depreciation   $70,000                     Accounts payable   135,000                     Wages payable   1,700                     Common stock   140,000                     Retained earnings   190,500                     Sales revenue   —                     Cost of goods sold —                       Manufacturing overhead —                       Marketing and general expenses —                       Total 537,200 537,200                                           June 1 balances in the subsidiary ledgers were as follows:                   – Materials subledger: Paper, $4,700; indirect materials, $1,000                 – Work in process subledger: Job 120, $42,500; $0 for Job 121                  – Finished goods subledger: Large Stars, $9,600; Small Stars, $12,400                                           June transactions are summarized as follows:                     a. Collections on account, $141,000.                     b. Marketing and general expenses incurred and paid, $22,000.                 c. Payments on account, $42,000.                     d. Materials purchases on credit: Paper, $22,900; indirect materials, $4,300.               e. Materials used in production (requisitioned):
     – Job 120: paper , $850
     – Job 121: paper, $7,750
     – Indirect materials, $1,800                   f. Wages incurred and assigned during June, $34,000. Labor time records for the month: Job 120, $4,500; Job 121, $16,600; indirect labor, $12,900.     g. Wages paid in June include the balance in the Wages payable account at May 31 and $31,300 of wages incurred during June.     h. Depreciation on plant and equipment, $2,700.                   i. Manufacturing overhead was allocated at the predetermined rate of 60% of direct labor cost.           j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $55,550.           0 k. Credit sales on account: all of Job 120 for $104,000.                   l. Closed the Manufacturing overhead account to Cost of goods sold.                                           Requirements:                     1. Journalize the transactions for the company. Howie uses a perpetual inventory system.             2. Open T-accounts for the general ledger, the Materials ledger, the Work in process ledger, and the Finished goods ledger. Insert each account balance as given, and use the reference Bal. Post the journal entries to the T-accounts using the transaction letters as a reference. 6   3. Prepare a trial balance at June 30, 2014.                     4. Use the Work in process inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.     5. Prepare an income statement for the month of June.                                           0                        
default image
July 1, 2023
    
                            Howie Stars produces starts for elementary teachers to reward their students. Howie Stars' trial balance on June 1 follows:                               HOWIE STARS
Trial Balance
June 1, 2014                       Balance                     Account Title Debit Credit                     Cash $19,000                       Accounts receivable 188,000                       Inventories:                              Materials 5,700                            Work in process 42,500                            Finished goods 22,000                       Plant assets 260,000                       Accumulated depreciation   $70,000                     Accounts payable   135,000                     Wages payable   1,700                     Common stock   140,000                     Retained earnings   190,500                     Sales revenue   —                     Cost of goods sold —                       Manufacturing overhead —                       Marketing and general expenses —                       Total 537,200 537,200                                           June 1 balances in the subsidiary ledgers were as follows:                   – Materials subledger: Paper, $4,700; indirect materials, $1,000                 – Work in process subledger: Job 120, $42,500; $0 for Job 121                  – Finished goods subledger: Large Stars, $9,600; Small Stars, $12,400                                           June transactions are summarized as follows:                     a. Collections on account, $141,000.                     b. Marketing and general expenses incurred and paid, $22,000.                 c. Payments on account, $42,000.                     d. Materials purchases on credit: Paper, $22,900; indirect materials, $4,300.               e. Materials used in production (requisitioned):
     – Job 120: paper , $850
     – Job 121: paper, $7,750
     – Indirect materials, $1,800                   f. Wages incurred and assigned during June, $34,000. Labor time records for the month: Job 120, $4,500; Job 121, $16,600; indirect labor, $12,900.     g. Wages paid in June include the balance in the Wages payable account at May 31 and $31,300 of wages incurred during June.     h. Depreciation on plant and equipment, $2,700.                   i. Manufacturing overhead was allocated at the predetermined rate of 60% of direct labor cost.           j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $55,550.           0 k. Credit sales on account: all of Job 120 for $104,000.                   l. Closed the Manufacturing overhead account to Cost of goods sold.                                           Requirements:                     1. Journalize the transactions for the company. Howie uses a perpetual inventory system.             2. Open T-accounts for the general ledger, the Materials ledger, the Work in process ledger, and the Finished goods ledger. Insert each account balance as given, and use the reference Bal. Post the journal entries to the T-accounts using the transaction letters as a reference. 6   3. Prepare a trial balance at June 30, 2014.                     4. Use the Work in process inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.     5. Prepare an income statement for the month of June.                                           0                        
default image
July 1, 2023
    
                            Howie Stars produces starts for elementary teachers to reward their students. Howie Stars' trial balance on June 1 follows:                               HOWIE STARS
Trial Balance
June 1, 2014                       Balance                     Account Title Debit Credit                     Cash $19,000                       Accounts receivable 188,000                       Inventories:                              Materials 5,700                            Work in process 42,500                            Finished goods 22,000                       Plant assets 260,000                       Accumulated depreciation   $70,000                     Accounts payable   135,000                     Wages payable   1,700                     Common stock   140,000                     Retained earnings   190,500                     Sales revenue   —                     Cost of goods sold —                       Manufacturing overhead —                       Marketing and general expenses —                       Total 537,200 537,200                                           June 1 balances in the subsidiary ledgers were as follows:                   – Materials subledger: Paper, $4,700; indirect materials, $1,000                 – Work in process subledger: Job 120, $42,500; $0 for Job 121                  – Finished goods subledger: Large Stars, $9,600; Small Stars, $12,400                                           June transactions are summarized as follows:                     a. Collections on account, $141,000.                     b. Marketing and general expenses incurred and paid, $22,000.                 c. Payments on account, $42,000.                     d. Materials purchases on credit: Paper, $22,900; indirect materials, $4,300.               e. Materials used in production (requisitioned):
     – Job 120: paper , $850
     – Job 121: paper, $7,750
     – Indirect materials, $1,800                   f. Wages incurred and assigned during June, $34,000. Labor time records for the month: Job 120, $4,500; Job 121, $16,600; indirect labor, $12,900.     g. Wages paid in June include the balance in the Wages payable account at May 31 and $31,300 of wages incurred during June.     h. Depreciation on plant and equipment, $2,700.                   i. Manufacturing overhead was allocated at the predetermined rate of 60% of direct labor cost.           j. Jobs completed during the month: Job 120, 200,000 Large Stars at total cost of $55,550.           0 k. Credit sales on account: all of Job 120 for $104,000.                   l. Closed the Manufacturing overhead account to Cost of goods sold.                                           Requirements:                     1. Journalize the transactions for the company. Howie uses a perpetual inventory system.             2. Open T-accounts for the general ledger, the Materials ledger, the Work in process ledger, and the Finished goods ledger. Insert each account balance as given, and use the reference Bal. Post the journal entries to the T-accounts using the transaction letters as a reference. 6   3. Prepare a trial balance at June 30, 2014.                     4. Use the Work in process inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.     5. Prepare an income statement for the month of June.                                           0                        
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