If You Were to Rank the Four Market Structures in Terms

question 8

Multiple Choice

If you were to rank the four market structures in terms of lowest concentration ratio to highest concentration ratio, which of the following rankings would be correct?

• A)oligopoly, monopoly, perfect competition, monopolistic competition
• B)monopoly, oligopoly, monopolistic competition, perfect competition
• C)perfect competition, monopolistic competition, oligopoly, monopoly
• D)monopolistic competition, perfect competition, oligopoly, monopoly
• E)monopolistic competition, oligopoly, perfect competition, monopoly

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Definitions:

Internal Control Principle

A fundamental concept in accounting and auditing that refers to the processes, procedures, and measures a company puts in place to safeguard assets, enhance the reliability of financial reports, and ensure compliance with laws and regulations.

Bank Reconciliation

Bank Reconciliation is the process of matching and comparing an organization’s financial records against the bank statements to ensure accuracy and consistency in the accounts.

NSF Check

A cheque that has been returned by a bank because the account it was drawn on did not have sufficient funds.

Outstanding Checks

Checks issued by a company awaiting cashing or clearance by the bank.