Oligopolies Can End Up Looking Like Competitive Markets If the Number

question 223

Multiple Choice

Oligopolies can end up looking like competitive markets if the number of firms is

• A)large and they all cooperate.
• B)large and they do not cooperate.
• C)small and they all cooperate.
• D)small and they do not cooperate.

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Definitions:

Perpetual Inventory System

An accounting technique that utilizes computerized point-of-sale systems and enterprise asset management software to immediately record inventory transactions upon sale or purchase.

Merchandise

Goods or products that are bought and sold in retail or wholesale in the business.

Sales Discounts

Reductions in the selling price offered to customers, often as an incentive to encourage prompt payment.

Cash Discount

A deduction from the total amount on an invoice allowed by a vendor to encourage prompt payment.