For Each of the Following, Identify in Column 1 the Category

question 28

Essay

For each of the following, identify in column 1 the category to which the account belongs, in column 2 the normal balance for the account, and in column 3 the financial statement on which the account balance is reported.
- $$\begin{array} { | l | c | c | c | } \hline & \text { Column 1 } & \text { Column } 2 & \text { Column } 3 \\\hline \text { Sales Returns and } & & & \\\text { Allowances } & & & \\\hline\end{array}$$

---

Definitions:

Pure Monopoly

An economic situation where only one supplier dominates the entire market offering for a specific commodity or service, with no nearly identical alternatives available.

Price Maker

A firm with the power to influence the price at which it sells its product, typically because it does not face significant competition.

Purely Monopolistic

A market structure where a single supplier has exclusive control over the production and sale of a unique product without close substitutes, leading to significant market power.

Downsloping Demand Curve

A graphical representation in economics showing that as the price of a good or service decreases, the quantity demanded increases, and vice versa.