At zero economic profits, a competitive firm:
a) has an incentive to leave the industry to make higher profit elsewhere. is making a normal profit;
b) its revenues are just sufficient to cover all costs of production, including opportunity costs.
c) is unable to pay its opportunity costs of production but will remain in business to minimize losses.
d) will benefit, in the form of higher profits, by raising its prices above average cost.

Lincoln company has an accounting policy for internal reporting purposes whereby the costs of any research and development projects that are over 70 percent likely to succeed are capitalized and then depreciated over a five-year period with a full year of depreciation in the year of capitalization. in the current year, $400,000 was spent on project one, and it was 55 percent likely to succeed, $600,000 was spent on project two, and it was 65 percent likely to succeed, and $900,000 was spent on project three, and it was 75 percent likely to succeed. in converting the internal financial statements to external financial statements, by how much will net income for the current year have to be reduced? a. $180,000b. $380,000c. $720,000d. $900,000

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)

What is the difference between an "i" statement and a "you" statement? a. the "i" statement is non-confrontational b. the "you" statement is non-confrontational c. the "i" statement is argumentative d. the "you" statement is neutral in tone select the best answer from the choices provided