The smartphone market is in​ long-run equilibrium. Then the demand for smartphones increases. Describe what happens in the market for smartphones. In the short​ run, firms will​ . A. incur an economic loss B. continue to break even C. make an economic profit Some firms will​ the​ market, and the market supply curve will shift​ . A. ​enter; rightward B. ​enter; leftward C. ​exit; rightward D. ​exit; leftward

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.