Explain the differences between the competitive structures of a monopoly and an oligopoly.
What will be an ideal response?
A monopoly exists when an organization offers a product that has no close substitutes, making that organization the sole source of supply. In reality, most monopolies surviving today are local utilities, which are heavily regulated by local, state, or federal agencies.An oligopoly exists when a few sellers control the supply of a large proportion of a product. Products facing oligopolistic competition may be homogeneous, such as aluminum, or differentiated, such as package delivery services.
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Lee Company's direct labor costs for the month of February follow: Actual direct labor hours 16,000 Standard direct labor hours 16,400 Direct labor rate variance--unfavorable $ 4,000 Total payroll $152,000 What was Lee's standard direct labor rate?
a. $9.50 b. $9.75 c. $9.40 d. $9.25
In a company, the job of a chief privacy officer is to ________
A) ensure timely product deliveries B) detect patent infringements and copyright violations C) safeguard the privacy of a firm's customers D) engage in niche marketing E) safeguard the privacy of senior executives
S-type corporations have all of the following advantages EXCEPT
A) distributions are taxed twice, similar to corporate dividend payments. B) they are taxed as partnerships. C) all owners must be people, no corporations. D) the owners have limited liability.
Acceleration clauses that take effect on default are void in home mortgage loans
Indicate whether the statement is true or false