Differentiated Oligopoly Exists Where a Small Number of Firms Are

question 264

Multiple Choice

Differentiated oligopoly exists where a small number of firms are

• A) producing goods that differ in terms of quality and design.
• B) setting price and output collusively.
• C) setting price and output independently.
• D) producing virtually identical products.

---

Definitions:

Standard Cost System

An accounting system that uses predetermined costs for products or services to compare against actual costs for performance evaluation.

Actual Results

The real outcomes or final figures that have been achieved by a business after a specific period, which can be compared against forecasts or budgets.

Materials Quantity Variance

An analysis used to assess the discrepancy between the expected amount of materials and the actual amount used, based on standard costs, providing insight into manufacturing efficiency.

Quantity Standard

The expected or established amount of materials, labor, or overhead that should be used for a unit of production or a specific task.