An Industry with a Single Firm Producing a Product for Which

question 70

Multiple Choice

An industry with a single firm producing a product for which there are no close substitutes and which is protected by barriers to entry is:

• A)perfect competition.
• B)monopolistic competition.
• C)oligopoly.
• D)monopoly.
• Perfect competition.monopolistic competition.oligopoly.
• Monopoly.

---

Definitions:

Closing Account

The process of preparing accounts for the end of an accounting period, involving transferring temporary account balances to permanent ones.

Long Term Strategic

Pertaining to long-range planning and actions aimed at achieving major goals or objectives.

Marketing Costs

Expenses related to promoting, selling, and distributing a product or service.

Design Costs

Expenses incurred during the planning and development phase of a product, including labor, materials, and overhead associated with creating the design.