The correct question should be:
Producers often work to maximize their profit and make them as large as possible. True or False
Answer: True
Explanation:
The aim of every business is to make profit. A producer is into the business of taking raw materials and processing them into finished or semi-finished goods and selling them to make profit.
Answer:
The price of fertilizer must be greater than average variable cost.
Explanation:
- Being a perfectly competitive market the prices of the fertilizers will rise. As the forms are making economic losses the prices must be greater the average variable costs.
Answer:
$392,400
Explanation:
The computation of correct balance for ending inventory on December 31 is shown below:-
Correct balance for ending inventory = Ending inventory – Office supplies
= $416,000 - $23,600
= $392,400
Therefore for computing the correct balance for ending inventory we simply deduct the office supplies from ending inventory and ignore all other amounts as they are not relevant.
Answer:
The biggest challenge is PNG
