59) average art is a new business. during its first year of operations, credit sales were $40,000 and collections of credit sales were $36,000. one account, $650, was written off. management uses the percent-of-sales method to account for bad debts expense and estimates 2% of credit sales to be uncollectible. prepare the entry to record bad debts expense.

When the price is the equilibrium price, we would expect there to be a causing the market to put pressure on the price until it went back to the equilibrium price. a. above; surplus; upward b. above; shortage; downward c. below; surplus; upward d. below; shortage; downward e. above; surplus; downward?

Firms like papa john’s, domino’s, and pizza hut sell pizza and other products that are differentiated in nature. while numerous pizza chains exist in most locations, the differentiated nature of these firms’ products permits them to charge prices above marginal cost. given these observations, is the pizza industry most likely a monopoly, perfectly competitive, monopolistically competitive, or an oligopoly industry?

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