Considering the Spectrum of Market Structures and Moving from Pure

question 150

Multiple Choice

Considering the spectrum of market structures and moving from pure competition to pure monopoly we can say that

• A) entry barriers get lower but exit gets more difficult.
• B) entry becomes harder but exit becomes easier.
• C) entry gets harder and the number of firms dwindles.
• D) none of the above.

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Definitions:

Internal Control System

A set of procedures and mechanisms implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Cash Receipts

The collection of money, typically in the form of cash or checks, received by a business during its operating activities.

Cash Payments

Transactions involving the outflow of cash to settle obligations or purchase goods and services.

Control Environment

The overall attitude of management and employees about the importance of controls.