Which of the Following Is Most Likely to Contribute to the Presence

question 41

Multiple Choice

Which of the following is most likely to contribute to the presence of monopoly in an industry?

• A) economies of scale
• B) an elastic market demand for the product produced by the industry
• C) inefficiency due to bureaucratic decision-making procedures in the industry
• D) controlling over 50 percent of the market

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Definitions:

Budget Variance

Budget Variance is the difference between what was budgeted or planned for a particular period and what was actually spent or received.

Variable Overhead

Costs that vary in direct proportion to changes in levels of production or activity, such as materials and labor.

Rate Variance

The difference between the actual rate paid for something and the expected or standard rate, often used in budgeting and accounting.

Standard Machine-Hours

The predetermined amount of machine time expected to be used for a specific process or production activity, used for costing and efficiency measures.