A Single Supplier of a Good or Service for Which

question 302

Multiple Choice

A single supplier of a good or service for which there is no close substitute is referred to as a(n)

• A) strategic competitor.
• B) monopoly.
• C) oligopoly.
• D) monopolistic competitor.

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Definitions:

Net Incomes

The total earnings of a company after all expenses and taxes have been deducted from revenues, indicating profitability over a specific period.

Variable Costing

An accounting method that includes only variable production costs (costs that change with the level of output) in the cost of manufactured goods.

Absorption Costing

Absorption costing is a method of inventory costing that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a product.

Absorption Costing

An accounting method that includes all manufacturing costs — direct materials, direct labor, and both variable and fixed manufacturing overhead — in the cost of a product.