The following information is summarized from the balance sheets of Kress Inc. and Ross Corp. at December 31, 2013. Neither company has inventory.
Definitions:
Perfect Competitor
A hypothetical market scenario where numerous small firms compete against each other, and none of them can influence the market price.
Output
The total amount of goods or services produced by a business, industry, or economy in a given period.
Price
The amount of money expected, required, or given in payment for something, reflecting its value or worth.
Marginal Revenue Product Schedule
A table or representation showing how the marginal revenue product of a factor of production varies as its quantity employed changes.
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