Microbes Were Detected Long Before the Invention of the Microscope

question 1

Essay

Microbes were detected long before the invention of the microscope. How could this be?

Explain how product differentiation affects the pricing and profitability of firms in monopolistic competition.

Understand the concept of economic profit in the long run within monopolistically competitive markets.

Illustrate how monopolistic competition affects consumer choice and market variety.

Analyze the role of advertising and brand differentiation in monopolistic competition.

---

Definitions:

Generating Revenues

Generating revenues refers to the process through which a business earns money by selling goods or providing services.

Expenses

Outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major operations.

Increase Side

In accounting, it refers to the side of a ledger account (debit or credit) where increases are recorded, depending on the nature of the account.

Decrease Side

The side of an account that is used to record decreases in value, typically the left side for assets and expense accounts, and the right side for liability, equity, and revenue accounts.