What Characteristic of a Competitive Market Has Made the 'Long

question 199

Multiple Choice

What characteristic of a competitive market has made the 'long run pretty short' in the market for iPhone applications?

• A)Few firms in the market
• B)Identical products
• C)Ease of entry
• D)Blocked entry

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Definitions:

Periodic Inventory System

A method of inventory valuation in which inventory levels and cost of goods sold are determined at the end of an accounting period.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials, labor, and manufacturing overhead.

Gross Profit

The difference between sales revenue and the cost of goods sold.

Cost of Goods Sold

The direct monetary outlays for the creation of goods a company markets, including costs for labor and materials.