Firms producing an identical product in a competitive market are producing at a level of output that maximizes profit. the current market price is $4.50 per unit and the firms are producing at an average total cost of $3.50 per unit. in the long-run, one should expecta. entry of new firms into this marketb. exit of firms from this marketc. no change in the number of firms in this marketd. more information is needed to answer this question.

Suppose that the firm cherryblossom has an orchard they are willing to sell today. the net annual returns to the orchard are expected to be $50,000 per year for the next 20 years. at the end of 20 years, it is expected the land will sell for $30,000. calculate the market value of the orchard if the market rate of return on comparable investments is 16%.

The discussion of the standards for selection of peanuts that will be used in m& ms and the placement of the m& m logo on the candies speaks to which building block of a sustainable competitive advantage:

Alpine west, inc., operates a downhill ski area near lake tahoe, california. an all-day, adult ticket can be purchased for $55. adult customers also can purchase a season pass that entitles the pass holder to ski any day during the season, which typically runs from december 1 through april 30. the season pass is nontransferable, and the $450 price is nonrefundable. alpine expects its season pass holders to use their passes equally throughout the season. the company’s fiscal year ends on december 31. on november 6, 2009, jake lawson purchased a season ticket. required: 1. when should alpine west recognize revenue from the sale of its season passes? 2. prepare the appropriate journal entries that alpine would record on november 6 and december 31. 3. what will be included in the 2009 income statement and 2009 balance sheet related to the sale of the season pass to jake lawson?