Indicate the answer choice that best completes the statement or answers the question. table 14-15 quantity total cost 0 $3 1 $8 2 $10 3 $12 4 $20 5 $35 6 $50 1. refer to table 14-15. what is the lowest price at which this firm would operate in the short run? a. $3. b. $4. c. $5. d. $6. 2. in the short run, there are 500 identical firms in a competitive market. the firms do not use any resources that are available in limited quantities, and each of them has the following cost structure: output total cost 0 $0 1 $10 2 $12 3 $15 4 $24 5 $35 the long-run supply curve for this market is a. positively sloped for all prices above $10. b. horizontal at a price of $5. c. horizontal at a price of $6. d. horizontal at a price of $7. 3. when new firms have an incentive to enter a competitive market, their entry will a. increase the price of the product. b. drive down profits of existing firms in the market. c. shift the market supply curve to the left. d. increase demand for the product.

Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?

Which statement best explains the relationship between points a and b? a. consumption reaches its highest point, and then supply begins to fall. b. inflation reaches its highest point, and then the economy begins to expand. c. production reaches its highest point, and then the economy begins to contract. d. unemployment reaches its highest point, and then inflation begins to decrease.

On january 1, eastern college received $1,350,000 from its students for the spring semester that it recorded in unearned tuition and fees. the term spans four months beginning on january 2 and the college spreads the revenue evenly over the months of the term. assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on february 28?