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Depreciation is calculated on the basis of the market value of an asset.

• FALSE

• TRUE

A competitive market structure is characterized by many firms, free entry and exit, and homogeneous products

• FALSE

• TRUE

An income statement shows a company's revenues, expenses, and profits over a specific period.

• TRUE

• FALSE

The law of diminishing marginal utility states that the marginal utility of a good increases as more of it is consumed.

• FALSE

• TRUE

Variable costs remain constant regardless of the level of output.

• FALSE

• TRUE

An effective business strategy includes setting clear objectives, analyzing the competitive environment, and creating plans to achieve goals

• TRUE

• FALSE

Accrued expenses are expenses that have been incurred but not yet paid.

• FALSE

• TRUE

Capital budgeting decisions involve day-to-day operational decisions

• FALSE

• TRUE

Scarcity refers to the excess of resources relative to human wants.

• TRUE

• FALSE

Marginal utility refers to the additional satisfaction gained from consuming one more unit of a good.

• FALSE

• TRUE