Which of the Following Is Not a Characteristic of a Monopoly

question 36

Multiple Choice

Which of the following is not a characteristic of a monopoly?

• A)There are only a few sellers each selling a unique product.
• B)Entry barriers are high.
• C)There are no close substitutes to the firm's product.
• D)The firm has market power.

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Definitions:

Direct Materials Costs

The expense incurred for raw materials that are directly traceable and allocable to a finished product.

Predetermined Rate

A rate calculated before a period begins, used to allocate costs or apply charges in various accounting practices.

Direct Labor Cost

The expense of paying workers who physically produce the goods.

Direct Materials

The raw materials that are directly used in the manufacturing process of a product.