Oligopoly Is a Situation When There

question 85

Multiple Choice

Oligopoly is a situation when there

• A) is one firm in the industry that is fairly large.
• B) are a few large firms in the industry.
• C) are too many firms in the industry and there is excess capacity.
• D) is one giant firm and many smaller firms forming a competitive fringe.

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Definitions:

Process Costing

An accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process, then assigns them to products.

Lean Manufacturing

A manufacturing enterprise that uses lean principles.

Work Centers

Refers to specific areas or segments in a manufacturing facility where a set of related production activities or processes are carried out.

Lean Manufacturing

A systematic method for waste minimization within a manufacturing system without sacrificing productivity, focusing on enhancing product value for the customer.