When the firms in the industry are just able to cover their cost of production, economic profit is zero. therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will be driven out of business." true or false? explain

Prepare adjusting journal entries, as needed, for the following items. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.) a. the supplies account shows a balance of $510, but a count of supplies reveals only $250 on hand at year-end. b. the company initially records the payments of all insurance premiums as prepaid insurance. the unadjusted trial balance at year-end shows a balance of $520 in prepaid insurance. a review of insurance policies reveals that $130 of insurance is unexpired. c. employees work monday through friday, and salaries of $3,100 per week are paid each friday. the company's year-end falls on tuesday. d. at year-end, the company received a utility bill for december's electricity usage of $230 that will be paid in ear