A monopolist's marginal cost curve shifts down, but the firm's demand curve remains the same. as a result of the fall in marginal cost, the monopolist will raise its price and decrease its output.
<h3>What is marginal cost?</h3>
The difference between the total cost and the change in energy output is known as the marginal cost (MC) curve. The MC curve and the firm's supply curve are the same in totally competitive marketplaces.
Due to how the "law of changing proportions" operates in the near term, the marginal cost curve has a U-shaped shape. The law states that the MC curve initially slopes downward until it reaches its minimum point, at which time it begins to slope upward. As a result, when represented visually, the curve takes on the shape of a U.
Because a corporation seeking to maximize profits will only create until the marginal cost (MC) equals marginal income, marginal cost is a key concept in economic theory (MR). Beyond that, the cost of manufacturing a new item will be more than the profit made.
Although a monopolist's demand curve changes, its marginal cost curve stays the same. The monopolist will increase its price and cut back on production as a result of the decline in marginal cost.
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Answer:
Feb. 2021
Dr Gift Card Liability $20
Cr Gift Card Revenue $20
(to record revenue arisen from oustanding Gift Card Liability)
Explanation:
Under GAAP, the accounting for Gift Card is quite simple. When the gift card are sold, Gift Card Issuer receives Cash (Debit Cash) and assume the Liability (Cr Liability) to anyone owning the gift card for later providing of goods/services priced at the Cash amount that had been received.
It is not until Gift Card is redeemed that Gift Card Issuer is allowed to record revenue (Credit Revenue) as it is an actual point of time when the provide of goods/services takes place. Also at the same time, once the goods/services are provided, they Liability assumed earlier in time through Gift Card issuance will be discharged to the extent of the price of goods/services provided.
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