What assumptions are necessary for a market to be perfectly competitive? in light of what you have learned in this chapter, why is each of these assumptions important? for a market to be perfectly competitive, a. only a few firms may produce output, firms must have market power, and firms must produce a homogenous product. b. firms must be price takers, firms must produce a homogeneous product, and firms must be able to easily enter and exit the market. c. only one firm can produce output, no close substitutes may exist, and firms must not be able to enter the market. d. only one firm can have access to a key input, the government must regulate entry of new firms, and the long-run average cost of production must be decreasing. e. firms must have market power, firms must produce a differentiated product, and firms must be able to easily enter and exit the market.

Panera bread is a chain of cafes serving sandwiches, soups, and freshly baked breads. the company began in 1981 with stores primarily located along the east coast of the united states. since then, the firm has expanded to over 1,300 locations throughout the united states and canada. the firm has strong earnings and has been designated by business week as a "significant growth company." panera bread executives are considering the idea of expanding globally by opening cafes in asia through a franchising strategy. which of the following, if true, supports the argument that panera bread should expand into asia through franchising? a: the panera bread menu changes rapidly, and each cafe's artisan bread bakers receive regular training on new recipes. b: panera bread executives want fast access to the asian market without a significant investment of capital. c: panera bread executives want to test the asian market with a short-term commitment that allows them to make quick profits. d: the panera bread mission is to make excellent bread available to customers around the world.

In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?

Andy owns islander surfboard inc. in the past, andy has always given his employees bonuses during the holidays if they reached certain sales goals. this year, even though the company is thriving, he decided to cut bonuses from employees and award them to himself instead. what ethical theory of leadership is andy following?