An Industry with a Single Firm Producing a Product for Which

question 167

Multiple Choice

An industry with a single firm producing a product for which there are no close substitutes and that is protected by barriers to entry is an example of:

• A)perfect competition.
• B)monopolistic competition.
• C)oligopoly.
• D)monopoly.

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Definitions:

Note Disclosure

Supplementary information provided in financial statements, offering insight into accounting policies, risks, and uncertainties.

Contingent Asset

An asset that might come into existence subject to the occurrence of some uncertain future event.

AASB 137

The Australian Accounting Standards Board standard that specifies the accounting for provisions, contingent liabilities, and contingent assets.

Deferred Liability

A deferred liability is a financial obligation that a company owes and is recorded on its balance sheet to be settled in a future period.