Answer:
Consider the following explanation
Explanation:
If these error are nit corrected, the income before taxes be overstated by $ 35,000
.
As, Overstatement of Ending Inventory will affect the gross profit (Increase) by $ 25,000 and then understatement of Depreciation will further increase Net Profit by $ 10,000
D. With anger that workers would dare to challenge buisness owners.
The criteria for distinguishing between whether an expenditure is a capital item or a deductible expense is the useful life of the item.
If the purchase is going to be used and no longer have value at the end of the reporting period it is an expense for that period. If the item is a capital item it is going to have a longer useful life. In this case the item is depreciated over its useful life, assigning an expense amount to each accounting period that the item has value.
Explanation:
1) Famous celebrities and the people with lots of money are often seen with workers round them for their household chores/tasks. Although they are paying money for the work they could have done by themselves but if we analyze closely, they are actually taking advantage of the opportunity cost. The time when they were suppose to do the household work, now they are performing other task in that time which will be giving them much greater economic benefit, taking advantage of the concept of opportunity cost. For example, Cristiano Ronaldo can focus on his workout and daily exercise instead of making daily meals for himself, so he should have hired someone to do the meal work for him while he perform his workout which will help him on the field and will earn him much money.
2) Yes, it is possible for 2 countries to benefit from trade as a whole because they can get into an agreement by allowing free trade between the countries, for example, both the countries could agree that all the trade which will be executed between them would be tax free and no duties will be paid on them. This way the trade numbers would increase and industrialization would take place to meet the export/import orders. On the contrary, trading individually can be not so beneficial because there will be no free trade agreements between individuals i.e. no free lunches, that is why it could cost individuals much more than they can make money out of it.
3) One of the main reasons to oppose policies that restrict trade among the nations is that GDP. GDP is a measure of growth in any country, therefore when there will be no trade among countries, it would result in less productions of goods and services which which lead to less industrialization, which then will result to low employment and more unemployment, ultimately resulting in very low growth for any country and since growth is the only way forward for any nation, economists oppose policies that restrict trade among countries/nations.
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Answer:
The answer is B. standardized products
Explanation:
Monopolistic Competition has the following characteristics :
1. There large numbers of buyers and sellers
2. The products offered by sellers are close substitutes for the products offered by another seller.
3. The costs associated with entry and exit are low.
4. Sellers differentiate their products through advertising, branding etc.
Know that the most distinguishable factor in this market is product differentiation or standardized products.
The extent to which the seller is successful in product differentiation determines pricing power in the market.
The demand curve in this market is downward sloping i.e increase in price will lead to decrease in quantity demanded. This market is similar to perfectly competitive market.
The economic profit will fall to zero in the long run because the entry costs are not high.
