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When companies that manufacture shipping containers want to buy iron ore, the purchase decision is solely based on price.This is because there are a large number of sellers in the iron ore industry, and iron ore is a highly undifferentiated commodity.Which of the following industry competitive structures does the iron ore industry best illustrate?
Control Procedures
Policies and procedures that are put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Beginning Balance
The amount of funds or value of an account at the start of a new financial period.
Cash Account
An account in a brokerage or financial statement that shows the amount of cash available for transactions.
Cash Payments
Monetary transactions involving the outflow of cash to settle debts, purchase goods, or acquire services.
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