<h2>Independently owned and operated high-street stores and restaurants is an example of monopolistic competition.</h2>
Explanation:
The model of monopolistic competition describes a common market structure in which firms have many competitors, but each one sells a slightly different product.
- Clothing industry- Marketing and branding is the main separator between different evidently similar black shirts.
- The fast-food industry- where a burger made by McDonald’s is quite similar to a burger made by Burger King, though consumers usually have a preference between the two chains.
- Independently owned and operated high-street stores and restaurants- In the case of restaurants, each one offers something different and possesses an element of uniqueness, but all are essentially competing for the same customers.
Answer:
C) Should be reported at $210,000
Explanation:
The computation of the gross profit in case of the multi-step income statement is presented below:
Mortenson Company
Multi step income statement
Sales $600,000
Less: Cost of goods sold -$390,000
Gross profit $210,000
After deducting the cost of goods sold from the sales we can get the gross profit
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