A ________ approach classifies competitors based on objective attributes of the firms

If A is an inferior good and consumer income rises, the demand for A:

a) increases and the equilibrium price rises but the equilibrium quantity decreases. b) increases and the equilibrium price and the equilibrium quantity increase. c) decreases and the equilibrium price and the equilibrium quantity decrease. d) decreases and the equilibrium price falls but the equilibrium quantity increases. e) decreases and the equilibrium price rises; as a result, the equilibrium quantity decreases.

An oil well cost $2,020,000 and is calculated to hold 260,000 barrels of oil

There is no residual value. Which journal entry is needed to record the expense for the extraction of 45,000 barrels of oil during the year? All 45,000 barrels were sold ding the year. (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.) A) Depletion Expense - Oil 349,650 Accumulated Depletion - Oil 349,650 B) Depletion Expense - Oil 349,650 Oil Revenue 349,650 C) Cost of Goods Sold - Oil 349,650 Accumulated Depletion - Oil 349,650 D) Oil Reserve Inventory 349,650 Accumulated Depletion - Oil 349,650