Ramsons Manufactures Binoculars

question 33

Multiple Choice

Ramsons manufactures binoculars.Although the binoculars are priced unreasonably high, Ramsons manages to sell a large number of units each year because Ramsons is the sole supplier of binoculars in the market.This is an example of:

• A)a monopoly.
• B)an oligopoly.
• C)monopolistic competition.
• D)pure competition.
• E)more price competition.

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Definitions:

Cash Receipts

Money received by a business, often recorded in the period it is received.

Cash Sales

Revenue received from transactions where payment is made immediately in cash.

Collections

The process of pursuing and receiving payments on outstanding accounts receivable from customers.

Payments

The act of transferring money or money's worth from one party to another as a settlement for a transaction or an obligation.