In the context ofthe free market system, which of the following statements is true of pure competition?
A. Customers distinguish one product from another.
B. No single producer has any control over the price.
C. New producers cannot easily enter the market.
D. Competitors sell different products to get an edge.
Answer: B
You might also like to view...
One of the debatable assumptions on which the ATM model for the demand for cash is based on is that
A. money supply is constant. B. individuals spend the same amount of money every day. C. the ongoing rate of inflation is always greater than 10%. D. cash held in banks do not attract interest.
Concerning accounting for warranties, which of the following statements is false?
A) The GAAP approach of accruing warranty expense (and the related liability) in the year of the sale is not an acceptable method for federal income tax purposes. B) The modified cash basis is the most conceptually sound method for financial reporting. C) In accounting for service-type warranties, companies much report warranty expense in the period of sale. D) The modified cash basis recognizes warranty expense when cash is paid for the repairs to merchandise under warranty.
What are the four major nonverbal communication channels?
What will be an ideal response?
Identify which is true of entrepreneurial ventures.
A. Acquiring venture capital is essential to the success of all start-up businesses. B. For start-ups, failure is an exception rather than the rule. C. Successful companies do not always require a cutting-edge technology or an exciting new product. D. Companies offering mundane products cannot hope to gain competitive advantage. E. The odds of survival of an entrepreneurial venture worsen if it grows to at least 10 or 20 people.