Answer and Explanation:
If there is decrease in fair value of an asset as is seen in the example with Pitbull corporation, we decrease asset revaluation reserve in the balance sheet by the value reduced $50000 here to recognise new carrying value of the asset and then debit the expenses of revaluation to the income statement or profit and loss account. If there was an increase in fair value, revaluation would add to retained earnings in balance sheet and income in income statement
Competition would be one of the things at work.
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Hello!
The term "differentiation" refers to what sellers do to make their products different, or stand out, from competing products.
A few forms of differentiation are through:
- Pricing (more expensive or less expensive than competitors)
- Form (size, shape, structure, etc.)
- Performance (performing better or more efficiently than competitors)
- Reliability (lasting longer than competing products)
For example, Tesla differentiates itself through offering appealing (stylish) electric cars that are energy-saving and more efficient than other electric vehicles. Pricing is also reasonable for what the company offers, but expensive relative to most common gas-powered cars.
I hope this helps you! Have a lovely day!
- Mal