Which Is FALSE About Perfect Competition

question 179

Multiple Choice

Which is FALSE about perfect competition?

• A) There are numerous sellers.
• B) Market entry and exit is unrestricted.
• C) There is no ability to set price.
• D) There is considerable product differentiation.

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Definitions:

Cash Disbursements

Outflows of cash for expenses, or payments made by a business during a specific period, such as paying suppliers, employees, or other expenditures.

Financial Statements

Consolidated documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Errors

In accounting, errors refer to mistakes made in recording, classifying, or summarizing financial transactions and statements.

Credit Sales

Sales transactions where the payment is deferred to a future date, typically allowing the buyer to purchase goods or services on credit.