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The text states that four conditions are necessary for the existence of a perfectly competitive market. Discuss in your own words each one.
a) Numerous participants: Roughly how many sellers do you think are needed to make a market perfectly competitive?
b) Homogeneity of product: How would perfect competition be altered if buyers could distinguish between the products of different producers?
c) Freedom of entry and exit: How might this condition be violated? What sorts of barriers to entry or exit might exist?
d) Perfect information: What exactly needs to be known, and by whom, in order to make competition perfect?
what is the importance and assumptions of application of marginal costing
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Sales: $168,042 Variable Costs: $63,987 Total fixed expenses:$ 75,794 Number units sold per year: 6367 1. What is the contribution margin per unit of your product or service? 2.
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manufacturing costs will not include a. indirect material used b. sales salaries expense c. indirect labor costs d. depreciation of factory equipment
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