​Kami and Derek Went to the Mall

question 38

Multiple Choice

​Kami and Derek went to the mall. While there they passed a Vans store, Nike's store, New Balance store, and Adidas store. Derek commented that there was really a large number of sellers and noted that there seemed to be many buyers as well. What kind of market competition is represented by these stores?

• A)​Perfect.
• B)​Monopolistic.
• C)​Oligopoly.
• D)​Monopoly.

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Definitions:

Mining Tract

A specific piece of land designated for mineral extraction and mining operations.

Depletion

A method used to allocate the cost of extracting natural resources, such as timber, minerals, and oil, from the earth over the period those resources are consumed.

Reclamation

The process of restoring land that has been mined, logged, or used for industrial purposes back to its natural state or ensuring it is usable for a different purpose.

Accumulated Depreciation

The cumulative value of depreciation expense assigned to a physical asset from the time it was first utilized.