Which of the Following Markets Are Competitive Enough to Be

question 26

Multiple Choice

Which of the following markets are competitive enough to be treated as perfectly competitive?

• A) Agricultural markets
• B) Copper
• C) The U.S. airline industry
• D) Coal, iron, tin and lumber
• E) all of the above

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Definitions:

360-Day Year

An accounting simplification that assumes there are 360 days in a year to facilitate easier interest calculations.

Direct Write-Off Method

An accounting practice where bad debts are written off against income at the time they are determined to be uncollectible, instead of being provided for in advance.

Account Receivable

Funds that customers owe a company for products or services provided on credit.

Dishonored Note

A promissory note that has not been paid by the maker at the maturity date.