The net initial investment for a piece of construction equipment is $3,000,000. Annual cash inflows are expected to increase by $500,000 per year. The equipment has an 8-year useful life. What s the payback period? Select one 8 years 6.5 years 6 years 5 years When companies do not want to use market prices or find it too costly, they typically use prices, even though suboptimal decisions may occur. Select one average-cost full-cost long-run cost short-run average cost A perfectly competitive market exists when Select one individual buyers or sellers can affect prices by their own actions market prices reach well above their historical averages due to demand outstripping supply market prices drop well below their historical averages due to supply outstripping demand there is a homogeneous product with buying prices equal to selling prices