Use the figure below to answer the following questions. 
Figure 11.1.1
-Refer to Figure 11.1.1.The firm competes in a perfectly competitive market.The total revenue curve is a straight line because the firm
Definitions:
Accounting Equation
The foundation of double-entry bookkeeping, which asserts that assets equal the sum of liabilities and shareholders' equity.
Owner's Equity
The residual interest in the assets of an entity after deducting liabilities; it represents the ownership interest of the shareholders or owner in the company.
Assets
Resources owned by a company from which future economic benefits are expected to flow to the entity.
Owner's Equity
The residual interest in the assets of a company after deducting its liabilities, representing the ownership's claim on assets.
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