A/An ______________ L/C Is the Obligation of Only the Issuing

question 62

Multiple Choice

A/An ______________ L/C is the obligation of only the issuing bank.

• A) confirmed
• B) transferable
• C) unconfirmed
• D) irrevocable

---

Definitions:

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product that is homogeneous across sellers, leading to price determination by market forces.

Perfectly Competitive

A market structure characterized by many buyers and sellers, with all firms selling identical products and no barriers to entry.

Herfindahl-Hirschman Index

A measure of market concentration used to evaluate the level of competition within an industry.

Squared Market Shares

A measure often used in calculating market concentration, where the market shares of all firms in the market are squared and then summed.