Answer:
47.5%
Explanation:
Data provided in the question:
Clearance discount percentage offered = 30%
Additional discount = 25%
Now,
Let the price of the car be $100
Therefore,
Price after the clearance discount = $100 - 30% of $100
= $100 - $30
= $70
Therefore,
Price after additional 25% discount = $70 - 25% of $70
= $70 - $17.5
= $52.5
Thus,
Total discount percentage
= [ ( Original cost - Selling cost ) ÷ Original cost] × 100%
= [ ( $100 - $52.5 ) ÷ $100 ] × 100%
= 47.5%
The total discount is not 55% (computed from simply adding 30% plus 25%) but rather 47.5%, because the second discount is applied to the already discounted price.
Explanation:The total discount on this car isn’t a simple addition of the two discounts of 30% and 25% because the second discount is applied to the reduced price, not the original one. Here’s the calculation: let the original price of the car be 100%. After the 30% clearance discount, the price becomes 70% (100% - 30%). Now another 25% discount is applied on this reduced price. So 25% of 70% is 17.5%. Then we subtract this discount from the reduced price - that gives us 52.5% (70% - 17.5%).
So in comparison to the original price, that’s a total discount of 47.5% (100% - 52.5%).
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When managers at General Motors evaluated all the firms' various divisions and then chose to close both the Saturn and Pontiac divisions, it was involved in diversification. product development. portfolio analysis. franchise reevaluation. demarketing
Answer: Portfolio analysis
Explanation:
The portfolio analysis is one of the type of management that helps in reviewing all the elements in the portfolio of the business in an organization.
The main objective of the portfolio analysis is that we can easily analyzing the different types of risks and also properly analyze resources allocation in the given portfolio.
According to the given question, the manager of the general motors evaluating all firms or companies about the divisions then it involve the portfolio analysis.
Therefore, Portfolio analysis is the correct answer.
According to a recent survey by BizMag, more than 60 percent of all employees believe that pilfering office supplies for personal use is acceptable. Which of the following statements is true in this scenario A) The magnitude of the consequence is high.B) The concentration of effect is high.C) There is a high degree of social consensus.D) The probability of effect is high.
Answer:
Option C
Explanation:
C. There is a high degree of social consensus
The purpose of financial accounting is to provide information primarily for which of the following groups? A.Internal Revenue Service. B.Investors and creditors. C. Financial Accounting Standards Board. D.Government.
Financial accounting provides information primarily for investors and creditors to make informed decisions about a company's financial position and performance.
Explanation:The purpose of financial accounting is to provide information primarily for investors and creditors. Financial accounting helps these groups make informed decisions about investing in a company or extending credit to it. By providing information about a company's financial position, performance, and cash flows, financial accounting helps investors and creditors assess the company's profitability, stability, and ability to repay debts.
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Financial accounting primarily provides information for investors and creditors. This information, which includes details about the company's products, revenue, costs, and profits, aids in decision-making about the company's financial health.
Explanation:The main purpose of financial accounting is to provide comprehensive, reliable, and timely information primarily for investors and creditors. This information is vital as it helps these groups make informed decisions about the company's financial health. The board of directors, shareholders, and auditing firms represent key institutions of corporate governance, and their roles involve ensuring transparency and accuracy in the company's financial reporting. However, accurate information is also essential for outsiders, especially large shareholders, bondholders, and other investors who do not know the company managers personally or extensively.
Investors and creditors rely upon the information from financial accounting when providing financial capital to a firm. The information such includes the company's products, revenues, costs, and profits. Therefore, it is important to ensure that this information is accurate and up-to-date to aid in decision making.
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Maureen's college raises the cost of room and board per semester. This increase raises Maureen's opportunity cost of attending college ____.
a. only if the amount she would have to pay for room and board if she didn't attend college rose by less than the increase in the amount her college charges. An increase in opportunity cost increases Maureen's incentive to attend college.
b. even if the amount she would have to pay for room and board if she didn't attend college rose by the same amount. An increase in opportunity cost increases Maureen's incentive to attend college.
c. only if the amount she would have to pay for room and board if she didn't attend college rose by less than the increase in the amount her college charges. An increase in opportunity cost reduces Maureea's incentive to attend college.
d even if the amount she would have to pay for room and board if she didn't attend college rose by the same amount An increase in opportunity cost reduces Maureen's incentive to attend college.
Answer:
d even if the amount she would have to pay for room and board if she didn't attend college rose by the same amount An increase in opportunity cost reduces Maureen's incentive to attend college.
Explanation:
Opportunity cost in decision making has to do with an alternative foregone. If you make a choice of an alternative over another, therefore the extrinsic cost which is the benefit you will not have, for choosing that alternative is the opportunity cost.
Applying the above to the given scenario, it does not matter the range of increase in the college cost or room and board cost if she did not attend college; It is a general conclusion and a fact that an increase in the level of opportunity costs, it will reduce Maureen's incentive to want to go to college.
Final answer:
Attending college imposes both an out-of-pocket cost and an opportunity cost of lost earnings.
Explanation:
Attending college is another case where the opportunity cost exceeds the monetary cost. The out-of-pocket costs of attending college include tuition, books, room and board, and other expenses. However, in addition, during the hours that you are attending class and studying, it is impossible to work at a paying job. Thus, college imposes both an out-of-pocket cost and an opportunity cost of lost earnings.
If a profit-maximizing, competitive firm is producing a quantity at which marginal cost is between average variable cost and average total cost, it will___________________.
a. keep producing in the short run but exit the market in the long run.
b. shut down in the short run but return to production in the long run.
c. shut down in the short run and exit the market in the long run.
d. keep producing both in the short run and in the long run.
Answer:
a. keep producing in the short run but exit the market in the long run.
Explanation:
To answer the question, there is a need to look at the effect of the situation on the firm both in the short- run and the long-run
Short Run Effect
The Marginal cost is between average variable cost and average total cost. The business can still continue producing goods because the quantity being produced is still able to cover the average variable cost. This means that the firm is still able meet its variable costs by setting the price of its goods to its marginal cost which is an amount greater than its average variable cost.
Long Run Effect
However, in the long-run the company will begin to have issues even meeting other important costs such as the fixed costs associated with production and as such, the firm will need to exit the market in the long run. For instance the cost of long term loans (principal and interest) may not be covered by the net income of the firm.
If a profit-maximizing, competitive firm is producing at a point where marginal cost is between average variable cost and average total cost, it should keep producing in the short run to cover some fixed costs, but exit the market in the long run if it cannot cover the average total cost.
Explanation:If a profit-maximizing, competitive firm is producing a quantity at which marginal cost is between average variable cost and average total cost, then the appropriate strategy would be to continue production in the short run, but exit the market in the long run. This means the answer is (a) keep producing in the short run but exit the market in the long run.
This concept is based on the rules of profit maximization in economics. In the short term, as long as the price covers the average variable cost, the firm should continue producing because it helps to cover some of the fixed costs, thereby minimizing losses. However, in the long run, if the firm cannot cover the average total cost, it would not be profitable and exit the market.
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One key role of marketing is ______
1. Supporting the board of directors.
2. Operating at the corporate level.
3. Looking outward by listening to customers.
4. Making strategic business decisions.
5. Managing executives.
Answer:
3. Looking outward by listening to customers
Explanation:
This particular role assist in retaining customers by creating new opportunities to win customer loyalty and business.
Suppose the demand curve for a product is horizontal and the supply curve is upward sloping. If a unit tax is imposed in the market for this product,
A. sellers bear the entire burden of the tax.
B. the tax burden will be shared among the government, buyers, and sellers.
C. buyers bear the entire burden of the tax.
D. the tax burden will be shared by buyers and sellers.
Answer:
A. sellers bear the entire burden of the tax.
Explanation:
The demand is perfectly elastic which means that any tax will be only borne by the sellers i.e The greater proportion of taxes paid by the inelastic side of the market. It can also thought as only smaller portion of tax is paid by the elastic side of the market. If the demand is more elastic than supply, sellers are paying a greater proportion of tax. If demand is completely elastic, entire taxes paid by the seller
Another reason fueling the boom in fast-growing technology services is ___________________, which, when done right, can virally spread awareness of a firm with nary a dime of conventional ad spending a. legacy systemsa.App storesb.Big data and business analyticsc.Esoko and M-Pesad.Sproxile.Legacy systems
Answer:
A) App stores
Explanation:
App stores have a positive impact on the whole American economy and can help companies by:
reducing transaction costslowering entry barriers increasing consumer trust and securityFor example, during 2018, the app economy in the US represented $568.47 billion and it included over 5,744,481 people working in 317,673 different companies.
App stores allow companies, specially smaller companies and entrepreneurs, to have a low-cost distribution channel to massive markets all around the world.
The impact of the app economy will only increase as the internet of things (IoT) increases.
Revved Rider Inc., a motorcycle company, is the market leader due to its superior engine technology and service orientation. These unique qualities have helped the company generate revenues that are consistently higher than other firms in the same industry. Which of the following can be concluded about Revved Rider Inc. from this scenario?
Answer:
It has a competitive advantage over the other firms.
Explanation:
A competitive advantage refers to a firm's relative advantage in:
providing the same good as its competitors at lower prices, or providing a better good than its competitors at the same price.Competitive advantages result from a firm developing core competencies that provide them an edge over their competitors. But competitive advantages do not last forever, and can change very rapidly.
In this case, Revved Rider's core competencies are a great engine and high quality customer service, but another manufacturer could develop a better engine.
Which of these scopes could be used for dimensions and metrics? Event-level, session-level, or transaction-level scope Location-level, duration-level, or user-level scope Hit-level, session-level, or user-level scope Event-level, duration-level, or transaction-level scope.
Answer: Hit-level, session-level, or user-level scope
Explanation: Dimensions and Custom metrics are default dimensions and metrics in any Analytics account. You can use them to collect and analyze data that Analytics doesn't automatically track.
dimensions and metrics allow you to combine Analytics data with non-Analytics data, e.g. CRM data.
The scopes determines which hits will be associated with a particular custom-dimension value and they include Hit-level, session-level, or user-level scope
Asking customers at the shopping mall about their voting intentions in the upcoming political election is an example of secondary data.true/false
Answer:
False
Explanation:
There are two types of data which are as follows:
1. Primary data
2. Secondary data
The primary data is the data that is collected for the specific purpose or we can say through first-hand sources or data. Like - surveys, interviews, etc
And, the secondary data is the data that is based on past data. The example includes the website, books, journals, etc
In the given situation, the data is primary data, not the secondary data
A borrower applied for a VA guaranteed first time mortgage for $50,000; however, the property appraised for $46,000. If the buyer still wanted to buy the property which could happen?a. The broker could write up a contract, different from the actual offer price, to take to the lender
b. The VA could allow the borrower to make up the difference in cash
c. The VA could make the borrower get a second mortgage for the difference
d. The veteran could not get a VA loan because it appraised for over $35,000
Answer:
The correct answer is B
Explanation:
In this case, the borrower applied for the VA guarantee for the first time mortgage which amounts to $50,000 but the property that is appraised worth only $46,000. It is $4,000 short ($50,000 - $46,000).
In order to buy the property, the VA should allow the borrower to make up or come up with the difference in the cash that is $4,000. And this will allow or help the borrower in buying the property.
A ________ is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company's cost stream of attracting, selling, and servicing that customer
Answer:
profitable customer
Explanation:
A profitable customer of a business enterprise is any economic agent which include individuals, firms and government for which the revenue generated from servicing or supplying them goods and services exceeds the entire cost incurred in providing such service or goods.
A successful business is one that is able to maintain a data base and record of all the customers and identify the profitable ones so as to concentrate on them to achieve maximum profit.
Which project type creates a competitive advantage that enables the organization to earn a greater than normal return on investment than its competitors?
Answer:
a breakthrough project
Explanation:
Having competitive advantage implies being in a condition or circumstance that puts an organisation in a favorable business position.
Therefore, a Breakthrough Project would create a competitive advantage that enables the organization to earn a greater than normal return on investment than its competitors, because it is like a disruptive innovation.
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. Assume the firm can sell these 400 loaves at $2 per unit.
Answer:
A) Total revenue = 400 loaves of bread x $2 per loaf of bread = $800
B) Total economic costs = (5 units of labor x $40 per unit of labor) + (7 units of land x $60 per unit of land) + (2 units of capital x $60 per unit of capital) + (1 unit of entrepreneurial ability x $20 per unit) = $200 + $420 + $120 + $20 = $760
C) Economic profit or loss = total revenue - total economic costs = $800 - $760 = $40
Final answer:
The question explores the employment decisions a bakery manager makes based on marginal revenue product and marginal factor cost curves, with factors such as changes in the price of bread and the wage of bakers impacting profit maximization.
Explanation:
This question revolves around the concept of marginal revenue product (MRP) and marginal factor cost (MFC) in the context of a bakery business. The MRP curve shows the additional revenue generated by hiring an extra baker, while the MFC curve represents the cost incurred by hiring an extra baker. If the bakery produces 400 loaves of banana bread daily, selling at $2 per loaf, and the input cost prices are provided for labor, land, capital, and entrepreneurial ability, we can use this information to determine the bakery's resource allocation and labor demand.
Given that additional contextual examples indicate bakers receive a wage of $100 per day and each loaf sells for $1.00 to $1.20, we can analyze how changes in the price of bread affect the MRP and subsequently the number of bakers Ms. \' Alvarez would employ in her bakery. The examples provide scenarios where the firm needs to adjust labor employed based on the MRP of labor, the price of bread, and the labor cost to maximize profits.
Henry fords philosophy was to perfect the model-t so that its cost could be reduced further for increased consumer affordability. this most likely reflects the ________.
Answer:
production concept
Which of the following plans, built in the Performance Planner, will assist Ben in achieving his marketing goal of selling excess inventory?
Answer:
The question is incomplete, please find the complete question below:
Ben Is Currently Managing A Campaign That Has A Total Investment Of $7,000, Generates 1,400 Conversions, And Has A CPA (Cost-Per-Acquisition) Of $5. Ben Needs To Sell Excess Inventory. To Meet This Goal, He’s Willing To Increase His CPA And Campaign Investment. Which Of The Following Plans, Built In The Performance Planner, Will Assist Ben In Achieving His Marketing Goal Of Selling Excess Inventory?
(A) An investment of $9,600 to generate 1,600 conversions with a CPA of $6
(B) An investment of $9,800 to generate 1,400 conversions and a CPA of $7
(C) An investment of $8,400 to generate 1,400 conversions and a CPA of $6
(D) An investment of $9,100 to generate 1,300 conversions and a CPA of $7
The correct answer is (A) An investment of $9,600 to generate 1,600 conversions with a CPA of $6
Explanation:
In order for Ben to Increase His CPA And Campaign Investment, an investment of $9,600 will generate 1,600 conversions with a CPA of $6
One of the most important contributions to total quality management has been the introduction of statistical tools to analyze the causes of product defects, in an approach called:
A. Mechanistic
B. Six Sigma Quality
C. Organic
D. Total quality integration
E. ISO 9000
Answer: B. Six Sigma Quality
Explanation:
Six sigma is a statistical quality management methodology which businesses adopts to improve product & processes, eliminate defects in their processes.
Six sigma quality is data driven, customer focused, and results driven.
Levels of Six sigma includes.
•Six sigma white belt.
•Six sigma yellow belt
•Six sigma green belt.
•Six sigma black black.
Six sigma quality uses the DMAIC process to improve processes.
DMAIC:
•Define the problem.
•Measure the outcome.
•Analyze.
•Improve the process.
•Control the process.
Six Sigma Quality serves as one of the most important contributions to total quality management .
What is Six Sigma Quality?Six Sigma quality" serves as the term that explains how to indicate if a process is well controlled.
It can be referred to as the introduction of statistical tools to analyze the causes of product defects.
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The business cycle is the a.relationship between unemployment and inflation. b.irregular fluctuations in economic activity. c.positive relationship between the quantity of money in an economy and inflation. d.predictable changes in economic activity due to changes in government spending and taxes.
Answer:
The correct answer is B
Explanation:
Business cycle is the term which is defined as the fall and the rise in the production of the output of services and goods in the economy. These are usually measured or determined by using the fall and the rise in the real GDP (Gross Domestic Product) or the adjusted GDP for the inflation.
So, the business cycle is defined as the irregular fluctuations in the economic activity.
Selma operates a contractor's supply store. She maintains her books using the cash method. At the end of the year, her accountant computes her accrual basis income that is used on her tax return. For 2016, Selma had cash receipts of $1,400,000, which included $200,000 collected on accounts receivable from 2015 sales. It also included the proceeds of a $100,000 bank loan. At the end of 2016, she had $250,000 in accounts receivable from customers, all from 2016 sales.
a. Selma's accrual basis gross receipts for 2016 are _________
Selma paid cash for all of the purchases. The total amount paid for merchandise in 2016 was $1,300,000. At the end of 2015, she had merchandise on hand with a cost of $150,000. At the end of 2016, the cost of merchandise on hand was $300,000.
The cost of goods sold for 2016 under the accrual method is _____________
The gross profit from merchandise sales for 2016 under the accrual basis is ____________
Answer:
Selma's accrual basis gross receipts for 2016 are $1,350,000
The cost of goods sold for 2016 under the accrual method is $1,150,000
The gross profit from merchandise sales for 2016 under the accrual basis is $200,000
Explanation:
Selma's accrual basis gross receipts for 2016 are = cash receipts + accounts receivable - cash collected from 2015 sales - bank loan = $1,400,000 + $250,000 - $200,000 - $100,000 = $1,350,000
The cost of goods sold during 2016 = total purchases made during 2016 + ending inventory 2015 - ending inventory 2016 = $1,300,000 + $150,000 - $300,000 = $1,150,00
The gross profit for 2016 = gross receipts - cost of goods sold = $1,350,000 - $1,150,000 = $200,000
Amelia has made a conscious effort to become an active listener. She shuts down her computer, turns off her cell phone, and asks her assistant to hold all incoming calls when she conducts interviews. What technique is she using to improve listening?
Answer:
Controlling her surroundings.
Explanation:
There are various techniques that can help an individual improve listening. One of such techniques involves controlling your surroundings.
To do this, you have to first identify sources of potential distractions to you, in your immediate surroundings and remove them. This improves the ability to listen actively.
Final answer:
Amelia is using a distraction elimination technique to improve her active listening by creating an environment that allows her to focus solely on the interviewee, demonstrating full engagement in the conversation.
Explanation:
Amelia is employing a technique aimed at eliminating distractions to improve her active listening skills during interviews. This method involves creating an environment conducive to focusing solely on the interviewee, thereby enhancing the quality of the interaction and the information gathered. By shutting down her computer, turning off her cell phone, and asking her assistant to hold all calls, Amelia ensures that her attention is not divided and that she can fully engage with the subject at hand.
Active listening not only involves the absence of distractions but also the presence of engagement cues such as nodding, maintaining eye contact, and providing verbal affirmations. This demonstrates to the speaker that the listener is fully present and invested in understanding their perspective. It's a sign of respect and can greatly improve the communication process.
Amelia's approach reflects a consciousness style of listening, where the listener makes a deliberate effort to immerse themselves in the speaker's message, putting aside their own thoughts and judgments to better understand the speaker's situation and needs.
Ginny was hired by her company because she agreed to work overtime and carry out all tasks assigned to her as per the instructions. She also signed a contract that would terminate her from the company if she was unable to comply with the organization's policies. Given this information, Ginny is most likely part of a(n) _____.
Answer: Traditional work group
Explanation:
The traditional work group is one of the type of group that is composed of different types of people where they all work together for achieving a desired and shared goals.
It is also known as functional team where the specialist sharing a common goals and the various types of technical vocabulary according to the organization policies.
According to the given question, Ginny hired by an organization as he agree for working overtime and she also follows the company policies as she is a part of traditional work group.
Therefore, Traditional work group is the correct answer.
Answer:
the answer is b
Explanation:
The liaison role of a manager encompasses relationships with subordinates, including communication and influence, whereas the leader role of a manager pertains to the development of information sources both inside and outside an organization.
Correct/Complete Question:
The liaison role of a manager encompasses relationships with subordinates, including communication and influence, whereas the leader role of a manager pertains to the development of information sources both inside and outside an organization. True or False.
Answer:
False
Explanation:
The role of a liaison manager is to maintain communication/information links inside and outside an organization while a manager in the leader role being one of the characteristics of a manager, involve the manager interacting directly and motivating subordinates as well as training subordinates.
Cheers.
Roger, Ellen, Drew and Cindy are equal partners in a local pub. The pub reports the following items for the current year: Business revenue$1,770,000Business expenses 1,000,000Investment expenses 160,000Each partner receives a Schedule K-1 with one-fourth of the preceding items reported to him/her. How must each individual report these results on his/her Form 1040?
A. $770,000 on Schedule E; $160,000 on Schedule A.
B. $385,000 on Schedule E; $40,000 on Schedule A.
C. $257,667 on Schedule E; $40,000 on Schedule A.
D. $192,500 on Schedule E; $40,000 on Schedule A.
Answer: D-$192,500 on Schedule E; $40,000 on Schedule A.
Explanation: The pub reports the following items for the current year:
Business revenue : $1,770,000
less:
Business expenses $1,000,000
Profit for the year $770,000
divided by 4= $770,000/4 = $192,500 will be recorded on schedule E by each partner.
Investment expenses will be reported under schedule A as $160,000/4 = $40,000 by each of them
Manuel, a supervisor, is known by his managers to be sharp in his decisions and has a good track record of meeting his goals. Manuel is a(n) ____ manager.
Answer: Effective Managers.
Explanation:
An effective manager is a manager that delivers successfully on tasks that he is in charge of and is very good in decision making. Manuel is well known for his ability to meet his objectives set and accurate decision making.
What do you have as an entrepreneur when buyers choose your products or services over your competitors?
As an entrepreneur, you have a ___ when buyers choose your products or services over your competitors.
Answer:
As an entrepreneur, you have a competitive advantage when buyers choose your products or services over your competitors.
Explanation:
Competitive advantage can be understood as an advantage that any organization or any firm might have over its competitors due to various possible reasons. When customers prefer the product of any particular company over other companies in the same genre, then the former company is an aid to possess a competitive advantage over its competitors. The reason for this preference could below the pricing of the product, greater quality or sometimes even greater brand value of the product.
Answer:
The right answer is competitive advantage
Explanation:
Which of the following is not a determinant in calculating federal income taxes withheld from an individual's pay? a.number of exemptions b.type of earnings c.gross pay d.filing status
Answer:
B. Type of Earnings
Explanation:
Federal Income Taxes are taxes levied by the Internal Revenue Service (IRS) of the United States and it usually calculated and taken or withheld from the annual income of persons, corporations among other legal organisations.
The components that get taxed from one's income include the earnings from employment as well as the capital gains and the number of exemptions, gross pay of the individual and the filing status are very important in calculating the tax.
However, type of earning is a determinant that is only relevant for self-employment and since the individual is an employee, then it will not be relevant for making decisions on deductions from the individual's pay.
According to the PPC, as we produce more military goods and our resources remain constant, what will happen to the production of consumer goods?
Answer:
Production of consumer goods will be reduced
Explanation:
A Production possibility curve depicts all the possibilities of production of two goods in an economy wherein to produce an extra unit of one good, some part of production of second good needs to be sacrificed.
If an economy produces only two kinds of goods such as military goods and consumer goods, extra production of any of the two would require a corresponding sacrifice of the other. This points towards opportunity cost.
A typical production possibility curve is concave to the origin depicting opportunity cost.
If an economy decides to produce more of military goods with available resources remaining constant, it can only be achieved by sacrificing on the production of consumer goods.
Thus, production of consumer goods will reduce if more military goods are produced.
Joe Whinney, the founder of Theo Chocolate, says everyone in the supply chain should be better off as a result of this delicious food. Theo Chocolate's creators believe that they have an obligation to adopt a strategic approach to fulfilling economic, ethical, environmental, and social responsibilities, which is best described as:________.
a. corporate citizenship.
b. social responsibility.
c. consumerism.
Answer:
Corporate citizenship
Explanation:
Corporate citizenship - it is referred to as the kind gesture that is initiated by any organization toward the local company. This gesture is not in the form of investing in business but also includes some investment particularly for the local community.
it helps to enhance the company's performance and reduce the risk. it helps to improve the social relationship with others.
In commodity markets it is typically true that: (note: only one statement is correct) Group of answer choices there are only a few producers. any producer can affect the market price depending on the quantity that he or she sells. producers are "price takers". there are many producers, but it is very hard for new producers to enter the market.
Answer:
producers are "price takers".
Explanation:
Commodity markets is an example of A perfectly competitive market. A perfectly competitive market is characterised by many buyers and sellers of homogenous goods and services.
Because products are homogenous, sellers cannot set the price for their goods. Prices are set by forces of demand and supply,therefore, suppliers are price takers.
There are no barriers to entry and exit of firms into the market.
I hope my answer helps you