Journalize for McKinley total March sales and cost of goods sold in two summary entries, under the perpetual system. The selling price was $ 520 per unit and all sales were on credit. Assume that McKinley uses the FIFO inventory method. (Record debits first, then credits. Exclude explanations from any journal entries.) Let's start by recording the entry for March sales. Do not yet record the cost related to the sale. We will do this in the next journal entry.

they have a larger number of potential customers because people anywhere can buy from them. ( d.)

answer the law of increasing costs;

answerplace value;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.