Answer:
1. A monopolistically competitive firm may be able to distinguish itself from other firms by adjusting the physical attributes of its product, by offering a distinctive level of service, or by selecting a convenient location.- True
2.Product differentiation enables a monopolistically competitive firm to have some control over the price of its product- True
3.In the long run each monopolistically competitive firm produces a level of output that results in allocative efficiency.- False
4. In the long run each monopolistically competitive firm produces a level of output that results in productive efficiency- False
5.To maintain a competitive edge and earn economic profits, a monopolistically competitive firm has an incentive to improve its product. -True
6. Compared with purely competitive markets, under monoplistic competition consumers with a diversity of tastes can benefit from the opportunity to choose from a greater range of products and services. -True
7.In order to maximize its profits, each monopolistically competitive firm must determine the price of its product, how to differentiate its product, and how much it will spend on advertising.True
Explanation:
Answer:
Dr interest expense 74,812.50
Cr Cash 71,820
Cr Discount on bonds payable 2,992.50
Explanation:
the cash interest payments = principal x coupon rate x 1/2 (semiannual) =$1,197,000 x 12% x 0.5 = $71,820
since the bonds were sold at a discount, we must add the discount amortization = [($1,197,000 x 5%) / 10 years] x 1/2 = $5,985 x 0.5 = $2,992.50
total interest expense = $71,820 + $2,992.50 = $74,812.50
So the journal entry should be:
Dr interest expense 74,812.50
Cr Cash 71,820
Cr Discount on bonds payable 2,992.50
Answer:
long run, productive resources
Business related purpose. There is no serious connection just lawyer to client and client to lawyer
