Considering the Relevant Market Structures, Which Is an INCORRECT Statement

question 67

Multiple Choice

Considering the relevant market structures, which is an INCORRECT statement?

• A) In a perfectly competitive situation, there is an extremely large number of firms.
• B) In pure monopoly, there is only one firm.
• C) In monopolistic competition, there is a large number of firms.
• D) In any market situation, the number of firms is not very important.

---

Definitions:

Cooling Coil

A device within an air handling unit or HVAC system used to lower air temperature and remove moisture by passing air over a cold surface.

Fixed Overhead Budget Variance

The difference between the actual fixed overhead costs incurred and the expected (budgeted) costs.

Standard Cost System

An accounting practice that uses predetermined costs for products or services to help managers control expenditures by comparing these standards with actual costs.

Commercial Refrigerators

Cooling appliances designed for commercial use to store perishable goods at required temperatures to prevent spoilage.