Ework Which of the following is not a reason perfect competition is a useful simplification, despite the diversity of market types we find in the world? O a. Perfectly competitive markets are the easiest to analyze because everyone participating in the market takes the price as given by market conditions. O b. Some degree of competition is present in most markets. c. there are many buyers and sellers in all types of markets. d. many of the lessons that we learn by studying supply and demand under perfect competition apply in more complicated markets as well.

If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided

He moto hotel opened for business on may 1, 2017. here is its trial balance before adjustment on may 31. moto hotel trial balance may 31, 2017 debit credit cash $ 2,283 supplies 2,600 prepaid insurance 1,800 land 14,783 buildings 72,400 equipment 16,800 accounts payable $ 4,483 unearned rent revenue 3,300 mortgage payable 38,400 common stock 59,783 rent revenue 9,000 salaries and wages expense 3,000 utilities expense 800 advertising expense 500 $114,966 $114,966 other data: 1. insurance expires at the rate of $360 per month. 2. a count of supplies shows $1,050 of unused supplies on may 31. 3. (a) annual depreciation is $2,760 on the building. (b) annual depreciation is $2,160 on equipment. 4. the mortgage interest rate is 5%. (the mortgage was taken out on may 1.) 5. unearned rent of $2,580 has been earned. 6. salaries of $810 are accrued and unpaid at may 31

Experienced problem solvers always consider both the value and units of their answer to a problem. why?