Which Statement Is True

question 185

Multiple Choice

Which statement is true?

• A)Most oligopolies operating in the U.S.are in the middle of the competitive spectrum.
• B)There is general agreement about the degree of competition in any given industry.
• C)Most oligopolies operating in the U.S.are at or near the cutthroat competition end of the competitive spectrum.
• D)It is hard to place American industry on the competitive spectrum because different industries have different competitive situations.

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Definitions:

Post-Closing Trial Balance

A list of all real accounts that remain after closing entries are made and have balances, used to verify the equality of debits and credits.

Accounts

Records of financial transactions, showing amounts owed or transactions entered into by a business.

Fees Earned

Revenue recognized by a company for services it has provided to clients or customers, rather than for the sale of goods.

Supplies Expense

The cost of consumable items used in the operation of a business, recorded as an expense during the period in which they are consumed.