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1. The balance in the supplies account, before adjustment at the end of the year, is $2,260. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,062. Check My Work All work saved.
2.The profits earned by a firm can be calculated as (P - AVC) x 0 O (MC - AVC) x 0. O (P - ATC) x 0. PxO.
Question 6 1 pts In a competitive market in the long run, O inputs that were variable in the short run become fixed. the market supply curve is horizontal All of these are true number of firms are fixed.
Expert Solution
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2.
Answer for Question2.
The correct option is 
Explanation: Profit is the amount that is earned by the firm after deducting all the expenses and payments. The main motive of all the firm is to maximize its profits. Profits are calculated by the above formula. This formula indicates that a firm's profit will be positive when its price is more than its average total cost, and a firm's profit will be zero, in case of price=average total cost.
Explanation for the wrong options: All the other options are incorrect because they do not show any relationship between price and average total cost.
Answer for Question 6.
The correct option is The market supply curve is horizontal.
Explanation: In a competitive market, there is a constant cost prevailing in the market. And, due to constant cost, the market supply curve of the industry is horizontal, which means, it is perfectly elastic. Perfectly elastic means that changes in the supply will not affect the price of goods and services in the competitive market.
Explanation for wrong options:
In the long run, all the inputs are variable so, it is wrong to state that in the long run, variable input becomes fixed.
In the long run, under a competitive market, there is no barrier to the entry and exit of the firms. So the number of firms, in the long run, is not fixed and changes frequently.
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