Monopolistically competitive firms are inefficient because they produce a lower level of output at a higher average cost than do perfectly competitive firms produce a lower level of output at a higher average cost than do perfectly competitive firms A use production processes that are more capital-intensive than do perfectly competitive firms use production processes that are more capital-intensive than do perfectly competitive firms B face downward-sloping demand curves, ensuring that marginal revenue is greater than average revenue face downward-sloping demand curves, ensuring that marginal revenue is greater than average revenue C produce at that level of output where price equals marginal cost produce at that level of output where price equals marginal cost D realize diseconomies of scale

Which of the following is the most direct cause of cost-push inflation? a. rising production costs. b. reductions in wages. c. greater scarcity of natural resources. d. increasing supply of goods and services. 2b2t

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

The winston company estimates that the factory overhead for the following year will be $1,250,000. the company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. the total machine hours for the year were 54,300. the actual factory overhead for the year were $1,375,000. determine the over- or underapplied amount for the year.