Each of the Following Conditions,except One,must Be Satisfied in a Perfectly

question 95

Multiple Choice

Each of the following conditions,except one,must be satisfied in a perfectly competitive labor market.Which is the exception?

• A)There are a large number of buyers of labor services.
• B)Wages are the sole source of household income.
• C)There are no barriers to entering the market.
• D)There are a large number of sellers of labor services.
• E)All workers appear the same to buyers of labor services.

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Definitions:

Profit Margin

A financial metric expressing the percentage of income that remains as profit after all expenses, including taxes, are subtracted from total revenues.

Acid-Test

A financial metric that assesses a company's ability to pay its current liabilities with its quick assets (cash, marketable securities, and receivables).

Operating Segment

An operating segment is a component of a business that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity's chief operating decision maker.

GAAP

Generally Accepted Accounting Principles, a framework of accounting standards, rules, and conventions used in the United States for financial reporting.