Answer:
The correct answer is all three options.
Explanation:
If price is reduced, the total revenue of perfectly competitive firm will not decline because a reduction in price will lead to increase in demand.
A monopoly firm is a price maker. It has a downward sloping demand curve. The demand curve is relatively elastic which means the firm needs to decrease price in order to sell more.
A firm in perfectly competitive market faces a horizontal demand curve,which means it can supply an level of output at the given price.
The demand curve in perfect competition reflects average revenue, marginal revenue and price. So, the price is equal to average and marginal revenue.
In a monopoly, the demand curve represents price and is higher than marginal revenue curve.
Answer:
Explanation:
On July 1, 2019, Cullumber Company pays $12,000 to Kalter Insurance Co. for a 3-year insurance contract.
For Cullumber Company:
July 1 Debit:Prepaid Insur $12000
Credit: Bank. $12,000
Being payment for prepaid Insurance.
Dec 31. Credit:prepaid insur $2,000
Debit:Insurance exp $2,000
Being insurance expenses for the year.
For Blossom Company:
July 1 Credit:Unearned Revenue $12000
Debit: Bank. $12,000
Being unearned revenue on Insurance.
Dec 31. Debit:unearned revenue $2,000
Credit: Revenue $2,000
Being insurance revenue for the year.
Answer:
A) investors
Explanation:
The main aim of financial accounting to provide information to the investors( existing and would-be) about the performance and position of the business at a particular point in time.
Performance relates to net income earned while the position is about the net assets of the company which is an offshoot of all the assets owned and liabilities(obligations) owed to other parties
The differences between Lila and Jillian's businesses are based on what they offer to the public, since one offers products and the other offers services, which makes their businesses different.
<h3>What is a product-based business?</h3>
A product-based business is a type of business in which the main purpose is to offer a specific product to the public, for example:
- Beauty products.
- Sport products.
- School products.
- Construction products.
<h3>What is a service-based business?</h3>
A service-based business is a type of business in which the main purpose is to offer a specific service to the public, for example:
- Satellite television service.
- Legal advice service.
- Sports training service.
- Nutrition service.
Based on the above, it can be inferred that the discussions between Lila and Jillian can include very varied topics because their businesses are different because they involve different value chains.
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B. To see where most of your money is going
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