Which of the Following Is True

question 52

Multiple Choice

Which of the following is true?

• A)Monopolists never lose money regardless of short-run or long-run.
• B)Monopolies can be overcome by market forces or by government action.
• C)The most efficient output is found where MC and MR cross.
• D)Legal barriers are the basis for monopoly in the automobile industry.

---

Definitions:

Accounts

Accounts refer to the records of financial transactions, reflecting credits and debits in the financial statements of a business or an individual.

General Ledger

A complete record of all the financial transactions of a company, organized by accounts, which provides the data used to create financial statements.

Chart of Accounts

An organized list of all the account titles and numbers used in the ledger of a company to classify transactions.

Transactions

Business activities or events that have a financial impact on the finances of a company, recorded in the accounting records.