Which of the Following Is a Characteristic of a Monopoly

question 202

Multiple Choice

Which of the following is a characteristic of a monopoly?

• A)It is easy for new firms to enter the market.
• B)There is only one seller in the market.
• C)The product is not unique.
• D)The firm has no control over price.

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Definitions:

Journal Entry

A record in accounting that notes the details of a financial transaction, showing which accounts are affected and by what amounts.

Ledger

A book or database in which financial transactions are recorded systematically.

Source Documents

Original records that provide evidence that a transaction has occurred, such as receipts, invoices, checks, or bank statements.

Unearned Revenue

Money received by a business for goods or services yet to be provided; it is recorded as a liability until the goods or services are delivered.