Which of the Following Is Not a Characteristic of a Perfectly

question 536

Multiple Choice

Which of the following is not a characteristic of a perfectly competitive market?

• A)Firms are price takers.
• B)Firms have difficulty entering the market.
• C)There are many sellers in the market.
• D)Goods offered for sale are largely the same.

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Definitions:

Annual Accounting Period

A 12-month period over which a company reports its financial performance, often aligned with the calendar year or fiscal year.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the ledger for the next period.

Financial Statements

Consolidated documents such as the balance sheet, income statement, and cash flow statement that summarize a company’s financial performance.

Adjusting Entries

journal entries made in an accounting system to update accounts for transactions that have not yet been recorded by the end of a period.