XBRL Allows Organizations to Simplify the Process and Reduce the Costs

question 9

Multiple Choice

XBRL allows organizations to simplify the process and reduce the costs involved in regulatory reporting to agencies such as:

• A)The IRS.
• B)The SEC.
• C)Both A and B.
• D)Neither A nor B.

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Definitions:

Open Collusion

A situation where firms openly agree on prices, production levels, or market shares, violating competition laws.

Game Theory

A theoretical framework for conceiving social situations among competing players and predicting their optimal decisions.

Price-fixing

An illegal agreement among competitors to sell a product or service at a predetermined price, rather than letting market forces dictate pricing.

Regional Monopolies

Companies or entities that exclusively control the supply of a particular good or service in a specific geographic area.