Directions: Choose the Best Answer Based on the Information You

question 16

Multiple Choice

Directions: Choose the best answer based on the information you read in Chapter 10. ​ To narrate is to ________________.

• A)debate a controversial issue.
• B)give an account of an event.
• C)explain a process.
• D)give information on a topic.

Describe conditions for long-run equilibrium in a purely competitive firm.

Identify the features indicating productive efficiency and allocative efficiency in pure competition.

Illustrate the relationship between marginal cost, marginal revenue, price, and average total cost in the context of pure competition.

Distinguish between different types of industries based on long-run supply and demand curves.

---

Definitions:

Bank Debit Memo

A notice from a bank that decreases a customer's account balance due to charges like fees for service or for issuing a check without sufficient funds.

NSF Check

A check that has not been honored by the bank due to insufficient funds in the account of the issuer.

Journal Entries

A method used to enter an accounting transaction into the general journal, documenting the debit and credit effects on specific accounts.

Cash Sales

Sales transactions where payment is received from the buyer immediately at the time of the sale, typically in cash or equivalent.