In perfect competition, who sets the price of a product?
What will be an ideal response?
In perfect competition, there are many buyers and sellers of a product or service and no single buyer or seller is powerful enough to affect prices. Therefore, the actions of buyers sets the price of a product since, in theory, all products are the same and buyers will pay the lowest price for the same products.
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All of the following statements regarding international non-governmental organizations (INGOs) are true, except:
A) INGOs are also referred to as transnational social movement organizations. B) INGOs represent the interests of the developing nations in the globalization process. C) INGOs are an important element of civil society. D) INGOs believe that political globalization is problematic. E) INGOs are all globalist in orientation.
The following data was collected from a simple random sample of a population. 1317182123The point estimate of the population standard deviation is
A. 3.441. B. 3.847. C. 14.8. D. 11.84.
Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of June.
A. $592,500. B. $561,500. C. $817,500. D. $890,000. E. $652,500.
Economically rational buyers and sellers use their assessment of an asset's risk and return to determine its value. Relative to this concept, which of the following is true?
A) To a buyer the asset's value represents the minimum price that he or she would pay. B) To a seller the asset's value represents the maximum sale price. C) To a buyer the asset's value represents the maximum price that he or she would pay. D) The interaction of buyers and sellers can result in a value that differs from the price of the asset.