In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to answer the questions.) Use the preceding information to answer the following questions: What amount of revenue will Lee report on the Year 1 income statement

Why is the cournot equilibrium an​ equilibrium? a. there are​ short-run barriers to exit in a cournot​ duopoly, so both firms cannot alter their output levels. b. given the other​ firm's level of​ production, both firms are maximizing profits and cannot improve their situation by unilaterally altering their level of output. c. both firms operate at zero profit under a cournot​ equilibrium, so they would face negative profits if they change output. d. both firms operate at minimum​ long-run average cost under a cournot​ equilibrium, so changes to output would reduce​ long-run profits. even if they​ can't collude, why​ don't firms set their outputs at the joint​ profit-maximizing levels​ (i.e., the levels they would have chosen had they​ colluded)? a. given that other firm produces at the collusive​ level, a firm could increase their own profits by increasing output above the collusive level. b. the midpoint of the collusion curve​ (i.e., the collusive​ outcome) lies below the reaction​ curves, so both firms have an incentive to increase output under the cournot duopoly. c. both a and b are correct d. both a and b are incorrect