Use the Following Statements to Answer This Question: I

question 6

Multiple Choice

Use the following statements to answer this question: I. If the extent of a market is broader, it is less likely that firms in the market can influence the market price.
II) In determining whether two different products belong to the same market, it is necessary to know whether the two products can be used as substitutes for each other.

• A) I and II are both false.
• B) I is false, and II is true.
• C) I is true, and II is false.
• D) I and II are both true.

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Definitions:

Voucher Register

A record of vouchers that have been prepared, authorized, and paid; it serves as a chronological record of business transactions.

Petty Cash

A small amount of cash kept on hand in a business for making everyday, minor expenditures.

Cash Reserve

Funds that a company sets aside to meet short-term and emergency funding needs.

Right of Return

A policy allowing customers to return purchased goods within a certain period, usually with conditions attached.