CHAPTER 10: PURE MONOPOLY Pure monopoly – single firm is the sole producer of a product for which there are no close substitutes; characteristics: * Single seller – sole producer or sole supplier; firm and industry are synonymous * No close substitutes – consumer who chooses not to buy the monopolized product must live without it * Price maker – pure monopolist controls the total quantity supplied‚ so has considerable control over the price; changes product price by changing quantity
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E17-5 1 On the basis of the reorganization value‚ Baxter Hardware qualifies for fresh start reporting because the estimated reorganization value of $2‚000‚000 is less than the postpetition liabilities and allowed claims. | Estimated reorganization value | | $2‚000‚000 | | Liabilities: | | | | Postpetition liabilities | $1‚200‚000 | | | Prepetition liabilities | 1‚500‚000 | | | Fully secured debt | 900‚000 | 3‚600‚000 | | Excess liabilities over reorganization value
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Chapter 10 Social Significance of Race and Ethnicity - Race: people who share physical characteristics‚ such as skin color and facial features that are passed on through reproduction - social construction: a societal invention that labels people based on physical appearance. - Skin color‚ hair texture‚ and eye shape are examples of unequal treatment - Ethnic Group: a group of people who identify with a common national origin or cultural heritage that includes language‚ geographic roots‚ food
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ACCOUNTING EXAM 2 STUDY GUIDE Chapter 5 1. Know the following terms: merchandise inventory‚ sales‚ sales returns and allowances‚ sales discounts‚ net sales‚ cost of merchandise sold‚ gross profit‚ operating expenses‚ operating cycle‚ purchase discounts‚ purchase returns and allowances‚ FOB shipping point‚ FOB destination‚ and inventory shrinkage. 2. Be able to prepare a multiple step income statement. 3. Be able to prepare the journal entries for the seller and buyer including
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If Jaynet sells 25 paintings per year at a price of $8‚000 each: a. What are her accounting profits? Accounting profits are equal to the total amount of money taken in sales‚ income or/ and revenues minus the dollar cost of production. Sales (25 x $8‚000) ----------------------------------------------- $200‚000.00 Costs of supplies and storage ------------------------------------ $ 30‚000.00 Accounting profits ------------------------------------- $170‚000.00 b. What are her economic
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Governmental Acct. Chapter 1 Homework 1-1) What justifies the different accounting & financial reporting practices of gvmt. & not-for-profit organizations as compared with business organizations? The fact that governments may have a monopoly on the services that they provide and the taxpayers must provide resources to them regardless of what they are‚ and efficiency is hard to measure as well as the quantity or quality of the services. 1-2) Describe the principal differences that distinguish
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substance do we use formula units? Ionic compound 7. At STP‚ equal volumes of different gases contain what? Same number of particles = 1 mole 8. Identify the value for standard temperature. 25C 9. Identify the value for standard pressure. 1 atm 10. Identify the number used to express molar volume of a gas at STP. 22.4 L 11. What does the sum of the percentages in the percentage composition of a substance equal? 100% 12. Define empirical formula. Identify the empirical formula of a compound
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CHAPTER 20 INVENTORY MANAGEMENT‚ JUST-IN-TIME‚ AND SIMPLIFIED COSTING METHODS 20-1 Cost of goods sold (in retail organizations) or direct materials costs (in organizations with a manufacturing function) as a percentage of sales frequently exceeds net income as a percentage of sales by many orders of magnitude. In the Kroger grocery store example cited in the text‚ cost of goods sold to sales is 76.8%‚ and net income to sales is 0.1%. Thus‚ a 10% reduction in the ratio of cost of goods sold to sales
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ECOS2002 – Intermediate Macroeconomics Tutorial Questions Topic: ‘Fiscal Policy and the Open Income-Expenditure Model’ Tutorial 2: Week 4 (19-23 August) NB: The readings for this tutorial are indicated in Topic 2 of the reading guide. 1. In the Keynesian theory of output what is mechanism that brings about the equilibrium level of output determined by aggregate demand? 2. ‘The stance of fiscal policy cannot be measured by the size of the actual budget deficit.’ Why
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When it comes to intermediate sanctions there are positive to it and there are negatives. One positive thing that comes from intermediate sanctions is that it lowers the costs that we have to pay for people in prison. If these people are not going to prison and are going under house arrest they are having to pay for their food and most other things themselves instead of having it provided for them. Another positive is that being on these types of programs these people will learn that if they want
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