Answer:
B. the longrun profit would be negative.
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.
A firm would shut down in the short run if price is less than average variable cost and exit if it is making a loss
Answer:
D. debit Unearned Rent Revenue, $4720; credit Rent Revenue, $4720.
Explanation:
When the Cash was received for 6 month`s Rent the entry was :
Debit : Cash $28320
Credit : Unearned Rent Revenue $28320
At 31 July when 1 month`s rent expires the entry will be :
Debit : Unearned Rent Revenue (1/6 x $28,320) $4,720
Credit : Rent Revenue $4,720
thus
We reverse the liability - Unearned Rent Revenue and recognize Revenue for the month expired.
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