Firms must typically purchase inputs from suppliers to produce output. what effect might suppliers have on an industry? a. suppliers cannot affect output markets, although an output market with only a few firms is likely to have the bargaining power to limit a supplier's profits. b. if an input is specialized comma then the supplier is unlikely to have the bargaining power to limit a firm's profits. c. if suppliers are price takers, then a firm will likely be a price taker with no ability to raise price. d. if only a few firms can supply an input, then markets will likely experience shortages because firms are unable to produce sufficient output. e. if many firms can supply an input comma then suppliers are unlikely to have the bargaining power to limit a firm's profits.

The law firm of furlan and benson accumulates costs associated with individual cases, using a job order cost system. the following transactions occurred during july: jul. 3 charged 175 hours of professional (lawyer) time to the obsidian co. breech of contract suit to prepare for the trial, at a rate of $150 per hour. 10 reimbursed travel costs to employees for depositions related to the obsidian case, $12,500. 14 charged 260 hours of professional time for the obsidian trial at a rate of $185 per hour. 18 received invoice from consultants wadsley and harden for $30,000 for expert testimony related to the obsidian trial. 27 applied office overhead at a rate of $62 per professional hour charged to the obsidian case. 31 paid administrative and support salaries of $28,500 for the month. 31 used office supplies for the month, $4,000. 31 paid professional salaries of $74,350 for the month. 31 billed obsidian $172,500 for successful defense of the case. required: a. provide the journal entries for each of these transactions. refer to the chart of accounts for exact wording of account titles. b. how much office overhead is over- or underapplied? c. determine the gross profit on the obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.