A $25,000 overstatement of the 2019 ending inventory was discovered after the financial statements for 2019 were prepared. Which of the following describes the effect of the inventory error on the 2019 financial statements? Multiple Choice Current assets were overstated and net income was overstated. Current assets were understated and net income was understated. Current assets were overstated and net income was understated. Current assets were understated and net income was overstated.

Which of the following statements accurately describes how costs and benefits are calculated?

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.

If springfield is operating at full employment who is working a. everyone b. about 96% of the workforce c. the entire work force d. the robots