Price taker - Study guides, Class notes & Summaries
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WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages
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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 -...
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WGU C718 Full Study Guide Questions Rated A+
- Exam (elaborations) • 36 pages • 2023
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WGU C718 Full Study Guide Questions Rated A+ What is the definition of economics? the study of how humans make decisions in the face of scarcity 
What are economic and accounting profits? 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? 1) few firms 2) barriers to ent...
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WGU D101 Cost and Managerial Accounting Questions & Answers | Latest 2023/24 | Updated & Verified | Guaranteed Success | 37 Pages
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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 manufacturing and period costs and assigns both to products 
b. To create ...
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ECON 101 Final Exam 2024 Questions and Answers Solved 100%;AMU
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ECON 101 Final Exam 2024 Questions and Answers Solved 100%;AMU 
 
 
Attempt 1 of 1 
 
Written Apr 26, 2024 11:26 AM - Apr 26, 2024 11:37 AM 
 
 
 
Attempt Score 100 / 100 - 100 % 
Overall Grade (Highest Attempt) 100 / 100 - 100 % 
 
 
 
Question 1	6 / 6 points 
The representative firm in a purely competitive industry: 
 
 Will always earn a profit in the short run 
 May earn either an economic profit or a loss in the long run Will always earn an economic profit in the long run 
 Will earn ...
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WGU C718 Full Study Guide Questions | 104 Questions with 100% Correct Answers | Verified | Latest Update | 25 Pages
- Exam (elaborations) • 25 pages • 2024
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- $13.49
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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 -...
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Ivy Software MBA Prepworks Fundamentals of Economics Exam - Complete Solutions (Answered)
- Exam (elaborations) • 32 pages • 2024
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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...
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AGEC 333 Final Exam | Questions with 100% Correct Answers | Verified | Latest Update 2024
- Exam (elaborations) • 12 pages • 2023
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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...
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AGB144 Exam 3 100% SOLUTION
- Exam (elaborations) • 18 pages • 2023
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Pure monopoly refers to: 
Answers: 
A. any market in which the demand curve to the firm is downsloping. 
B. a standardized product being produced by many firms. 
C. a single firm producing a product for which there are no close substitutes. 
D. a large number of firms producing a differentiated product. - ANSWER C. a single 
firm producing a product for which there are no close substitutes. 
Which of the following is correct? 
A. Both purely competitive and monopolistic firms are "price tak...
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ANSC 302 Exam 4 Questions & Correct Answers/ Graded A+
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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...
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C718 Full Study Guide Questions & Correct Answers
- Exam (elaborations) • 16 pages • 2023
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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...
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