Answer:
1. A monopolistically competitive firm may be able to distinguish itself from other firms by adjusting the physical attributes of its product, by offering a distinctive level of service, or by selecting a convenient location.- True
2.Product differentiation enables a monopolistically competitive firm to have some control over the price of its product- True
3.In the long run each monopolistically competitive firm produces a level of output that results in allocative efficiency.- False
4. In the long run each monopolistically competitive firm produces a level of output that results in productive efficiency- False
5.To maintain a competitive edge and earn economic profits, a monopolistically competitive firm has an incentive to improve its product. -True
6. Compared with purely competitive markets, under monoplistic competition consumers with a diversity of tastes can benefit from the opportunity to choose from a greater range of products and services. -True
7.In order to maximize its profits, each monopolistically competitive firm must determine the price of its product, how to differentiate its product, and how much it will spend on advertising.True
Explanation:
<span>I think the the purchase of Gelato depends a lot on the temperature. A lot of people just want to have something cold, when it is hot outside, for example: Icecream, a cold drink. Although, i don't think it is only related to temperature. Temperature plays a big part in it, but some people might just want ice cream for example on a cold day. lets say there is a girl that just got dumped by her boyfriend, the cliché is that this girl will eat her hurt feeling away with ice cream, no matter what the temperature is. i myself like to enjoy gelato also in winter. I do have to state though, that it is LESS than in summer, but the craving is still there.</span>
A change in depreciation method is treated as a change in estimate that is achieved by a change in accounting principle, and is accounted for prospectively in the current and future periods.
The rules and regulations that businesses and other organizations must abide by when reporting financial data are known as accounting principles. These regulations standardize the terminology and procedures that accountants must employ, making it simpler to analyze financial data.
A unified set of accounting guidelines, methods, and standards known as generally accepted accounting principles (GAAP) were released by the Financial Accounting Standards Board (FASB).
The consistency that accounting principles establish enables more accurate and effective viewing of financial statements and reporting for businesses.
Learn more about accounting principles here
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Learning.
Or at least I believe so. Are there multiple choice?
Answer:
b. When using ABC for service industries, special methods must be used to identify cost pools and cost drivers due to the unique nature of the services offered.
Explanation:
The cost pool method are the same we should look for activities which add value to the product to provide a more accurate product costing.
In cases of services the company will also determinate activities considering this premise therefore, there is no especial nature to offer to the client.
