Authors Are Allowed to Be Monopolists in the Sale of Their

question 650

Multiple Choice

Authors are allowed to be monopolists in the sale of their books in order to

• A)encourage authors to write more and better books.
• B)correct for the negative externalities that the Internet and television impose.
• C)satisfy literary advocacy groups that exercise their lobbying power.
• D)promote a society in which people think for themselves and learn from whichever books they please.

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Definitions:

Adjustments Columns

Columns in accounting records used to make necessary modifications to account balances before preparing the final financial statements.

Adjusted Trial Balance

A financial statement that displays all balances of accounts after adjustments have been made, used to prepare final financial statements.

Unadjusted Trial Balance

A list of all the general ledger accounts and their balances at a specific point in time before any adjustments are made for the accounting period.

Columnar Working Paper

An accounting paper used for preparing financial statements or other reports, organized with columns to facilitate data entry and comparison.