The equation which shows a company’s resources equal claims to those resources is. a.Assets = Liabilities + Stockholders' Equity. b. Common Stock + Retained Earnings = Stockholders’ Equity. c. Cash Increases − Cash Decreases = Change in Cash. d. Revenues − Expenses = Net Income.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

What is one counter argument to the premise that the wealth gap is a serious problem which needs to be addressed?

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.