Respond to the Following

question 52

Essay

Respond to the following:
a.When is revenue generally recognized, and what are three other alternative points in time for recognizing revenue?
b.When is each alternative revenue recognition method appropriate and why have these methods evolved?
c.What is the primary criterion for revenue recognition applied in practice, and what attributes must be measurable before revenue is recognized.

Discuss how the marginal decision rule guides firms in adjusting production to maximize profits.

Identify the conditions for profit maximization and loss minimization in monopolistic competition.

Understand the key characteristics and outcomes of monopolistic competition.

Determine the conditions for long-run equilibrium in monopolistic competition and how price equates to average total cost.