Which Market Structures Share the Characteristic of Many Buyers and Sellers

question 78

Multiple Choice

Which market structures share the characteristic of many buyers and sellers?

• A) perfect competition and monopolistic competition
• B) perfect competition and oligopoly
• C) perfect competition and monopoly
• D) Perfect competition is the only market structure with many buyers and sellers.

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Definitions:

Adjusting Journal Entry

A record made in the books at the close of an accounting period for the purpose of assigning income and expenses to their rightful period.

Equipment

Tangible property used in operations, such as machinery and computers, which has a useful life longer than one accounting period and is used in the production of goods and services.

Annual Depreciation

The gradual reduction in the recorded value of a fixed asset, representing its wear and tear, obsolescence, or other declines in value over time.

Book Value

The net value of a company's assets, as recorded on the balance sheet, minus its liabilities and intangible assets.