Answer:
false
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
While the market for lettuce sells identical items, there are many buyers and sellers
Answer:
e. $3,200
Explanation:
According to accrual concept the expense which is incurred but not been paid should be recorded in the same period when it is accrue.
At the end of the period only 4 days from Monday to Friday is pased for which the wages have not been paid. The expense is accrued and unpaid.
Pay per day = $800
Pay for 4 days = $800 x 4 = $3,200
I think some people say it as olmen, rather than a silent L,it's silent D instead.
Answer:
Aug 6. Dr cash $14,000
Cr Sales $14,000
Aug,6 Dr Cost of goods sold $8,400
Cr Merchandise inventory $8,400
August 12
Dr Sales returns $1,560
Cr Cash $1,560
August 12
Dr Merchandise inventory $936
Cr Cost of goods sold $936
Explanation:
In the first place,the goods sold for cash of $14,000 means that cash account is debited and sales is credited with $14,000
However,with respect to cost of goods sold,there would a debit of $8,400 and credit of the same amount to merchandise inventory.
The goods returned returned would necessitate debit of sales return with $1,560 and credit to cash of the same amount.
The cost of goods returned is $936 ($1,560*$8400/$14,000) should debited to merchandise inventory and a credit to costs of good sold
<u>Answer:</u>
<em>True
</em>
<em></em>
<u>Explanation:</u>
Macroeconomics is a part of financial aspects that reviews how a general economy—the market frameworks that work on a vast scale acts. Macroeconomics manages the exhibition, structure, and conduct of the whole economy, rather than microeconomics, which is progressively centered on the decisions made by singular entertainers in the marketplace.
Macroeconomists create models clarifying connections between these components. Such macroeconomic models and the gauges they produce are utilized by government elements to help in the development and assessment of financial, money related, and monetary approaches; by organizations to set methodology in household and worldwide markets.
