A Major Difference Between Oligopoly and Monopolistic Competition Is That

question 90

Multiple Choice

A major difference between oligopoly and monopolistic competition is that monopolistically competitive firms and oligopolies do not

• A)Have high concentration ratios.
• B)Have many competitors.
• C)Have high barriers to entry.

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Definitions:

Adjusting Entry

Journal entries made at the end of an accounting period to update account balances before preparing financial statements, ensuring they reflect the true financial position.

Service Revenue

Income earned by a company for the services it provides to customers, excluding revenue from the sale of goods.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to update the accounts for accruals and deferrals.

Year-End Adjustment

Year-end adjustment consists of accounting entries made at the end of an accounting period to update balances of accounts so that financial statements can be accurately produced.