The answer is C. Direct costs.
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In the short run, a profit-maximizing monopolistically competitive firm sets it price: above marginal cost. Option C. This is further explained below.
<h3>What is
marginal cost?</h3>
Generally, The marginal cost of production is the incremental cost incurred to produce one more unit of a good or service.
In conclusion, Initially, a monopolistically competitive business sets its price at a level above its marginal cost in order to maximize its profits.
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Answer:
The options for this question are the following:
A. Quantity demanded will decrease, quantity supplied will increase, and a shortage will result.; B. Quantity demanded will increase, quantity supplied will decrease, and a surplus will result.; C. Quantity demanded will decrease, quantity supplied will increase, and a surplus will result; D. Quantity demanded will increase, quantity supplied will decrease, and a shortage will result.
The correct answer is C. Quantity demanded will decrease, quantity supplied will increase, and a surplus will result.
Explanation:
There is a strong correlation between pricing (at prices higher than the equilibrium price) and the creation of excess supply. Following the analysis of supply and demand, if we start from an initial equilibrium situation (where the quantity demanded and supplied are equal) and the authority decides to set a much higher price, the quantity demanded of the product will decrease and, on the other hand, the quantity supplied will increase, so producers will want to sell more than consumers want to buy. The previous problem will be solved if the authority decides to lower the price of the product, since this encourages consumers to buy more and bidders to produce less.
Answer: $101 million
Explanation:
The amount that Ross should report as income tax expense in its 2021 income statement will be calculated thus:
First, we'll calculate the deferred tax asset in valuation allowance which will be:
= Deferred tax asset before valuation allowance - Deferred tax asset after valuation allowance
= $170 million - $130 million
= $40 million
Then, income tax expense will be:
Income taxes payable= $90 million
Add: DTA not be realized = $170 million × 30% = $51 million
Less: Deferred tax asset in valuation allowance = ($40 million)
Income tax expense = $101 million
