The role of profits in the model of perfect competition is to a. determine which firm is the best firm in the industry. b. make it worthwhile for people to invest in the company. c. set the optimal price. d. signal entrepreneurs to enter the industry.

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.