Explanation:
The preparation of the end December Income statement for Cowboy Law Firm is presented below:
Cowboy Law Firm
Income statement
Revenue
Service Revenue $7,900
Total revenues $7,900 (A)
Less: Expenses
Salaries expense $1,500
Utilities expense $1,000
Total expenses $2,500 (B)
Net income $5,400 (A- B)
There is a surplus, as you can see, the quantity supplied is more than the quantity demanded.
Answer:
c. $9,000
Explanation:
a. Adjusted basis in the passive activity: $0
b. Rhonda is facing a net loss of $12,000 from passive operation.
Since it uses $7,500 of the loss to. the total at risk to $0.
c. This year passive loss suspended $7,500
The loss suspended in the prior year is $1,500
So, Therefore, the suspended passive loss passed over to the following years total $9,000
Now, Suspended passive loss $9,000 ($7,500 suspended loss in current year + $1,500 suspended loss in the previous year)
Answer:
a- monopolistic competition
b- perfect competition
c- monopoly
d- oligopoly
Explanation:
Industry A is a monopolistically competitive industry
Industry B is a perfectly competitive industry
Industry C is a monopoly industry
Industry D is an oligopoly industry
You develop your labor (human capital)
Due to scarcity, choices must be made. Every choice has a opportunity cost
Everyone's goal is to make choices that maximize their satisfaction. Everyone acts in their own "self-interest"
Everyone makes decisions by comparing the marginal costs and marginal benefits of every choice.
You found it to be scarce that you were offered $3.00 dollars more than the first offer.
