The smartphone market is in long-run equilibrium. Then the demand for smartphones increases. Describe what happens in the market for smartphones. In the short run, firms will . A. incur an economic loss B. continue to break even C. make an economic profit Some firms will the market, and the market supply curve will shift . A. enter; rightward B. enter; leftward C. exit; rightward D. exit; leftward

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: