A machine with a book value of $19,000 is sold for $16,000. Which of the following answers would accurately represent the effects of the sale on the financial statements? 
Definitions:
Imperfectly Competitive Market
A market structure where all firms have some control over the prices because the products are differentiated and there are few participants.
Total-Product Schedule
A chart that shows the maximum output of a good achievable from different levels of input usage, holding technology constant.
Purely Competitive
A market structure characterized by a large number of small firms, homogeneity of product, and free entry and exit from the market.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource or input in production.
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