A Market Has the Following Characteristics: There Is Strategic Decision

question 103

Multiple Choice

A market has the following characteristics: There is strategic decision making, output is somewhat restricted, there are few firms, and some long-run economic profits are possible. This market is:

• A) a monopoly.
• B) an oligopoly.
• C) monopolistically competitive.
• D) perfectly competitive.

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Definitions:

Posting

The process of recording financial transactions in the accounting books, such as a ledger or journal.

Source Documents

Original records that contain the details necessary to support the transactions entered in an accounting system, such as invoices, receipts, or contracts.

Ledger

A ledger is a comprehensive collection of a company's financial transactions, organized by account, during an accounting period.

Journalized

The process of recording financial transactions in a journal or the book of original entry.