Perfect Competition Assumes All Except the Following

question 26

Multiple Choice

Perfect competition assumes all except the following:

• A) homogeneous product
• B) large number of buyers
• C) profits
• D) perfect information

---

Definitions:

Vehicles Account

An account used in accounting to track the cost and depreciation of a company's vehicles.

Land Improvements

Enhancements made to land such as landscaping, fencing, and paving, which extend the use and increase the property value.

Impairment Loss

A reduction in the recoverable amount of a fixed asset or goodwill below its carrying amount, recognized as an expense.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been expensed since the asset was put into use.