When a consumer purchases a product, a demand is created for this item to be by the merchant?

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.

Swain company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. the company's beginning balance in retained earnings is $65,000. it sells one product for $170 per unit and it generated total sales during the period of $603,500 while incurring selling and administrative expenses of $54,500. swain company does not have any variable manufacturing overhead costs and its standard cost card for its only product is as follows:

Mandalay hotel bases its budgets on guest-days. the hotel's static budget for august appears below: budgeted number of guest-days 4,300 budgeted variable costs: supplies (@$9.60 per guest-day) $ 41,280 laundry (@$9.40 per guest-day) 40,420 total variable cost 81,700 budgeted fixed costs: wages and salaries 57,190 occupancy costs 52,030 total fixed cost 109,220 total cost $ 190,920 the total cost at the activity level of 5,200 guest-days per month should be: