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A critical function of the government in facilitating the operation of a market economy is setting and enforcing private property rights. Private property rights determine how a resource or good is owned.
Answer:
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It means to differentiate their product. Monopolistic competition is a sort of blemished rivalry with the end goal that numerous makers offer items that are separated from each other and subsequently are not impeccable substitutes.
Harmony under monopolistic competition. In the short run, supernormal benefits are conceivable, however, over the long haul, new firms are pulled in into the business, as a result of low boundaries to the passage, great learning and a chance to separate.
Answer: The correct answer is "d. The income statement for a given year is designed to give us an idea of how much the firm earned during that year.".
Explanation: The statement "d. The income statement for a given year is designed to give us an idea of how much the firm earned during that year." is CORRECT because In accounting, the income statement is a financial statement that shows in an orderly and detailed way how the result of the year was obtained during a given period.
This financial statement is closed, since it covers a period during which the costs and expenses that gave rise to its income must be perfectly identified. Therefore, it must be perfectly applied at the beginning of the accounting period so that the information presented is useful and reliable for decision making.
