Which of the Following Is a Valid Observation of Monopolies

question 71

Multiple Choice

Which of the following is a valid observation of monopolies?

• A)Monopolies are an illegal form of business in most countries including Canada.
• B)The effect of substitute products is prominent in a monopoly.
• C)This is the most common form of market competition.
• D)A monopoly exists when there is only one company selling in the market.

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Definitions:

Work In Process Inventory

The inventory that includes items currently being manufactured but not yet completed or ready for sale.

Weighted-Average Method

An inventory cost calculation method that averages the cost of all similar items available, regardless of purchase date.

Equivalent Unit

A concept in cost accounting used to compute the cost of partially completed goods, translating them into a number of fully completed units.

Assembly Department

A section of a manufacturing company where components are assembled into final products.