A monopoly is illegal
a. under any circumstances, under Section 2 of the Sherman Act.
b. only if it is gained or maintained by using wrongful tactics.
c. if you have greater than 50 percent of market share.
d. any time there are no interchangeable products.
b
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The supplies account has a balance of $1,200 at the beginning of the year and was debited during the year for $2,300, representing the total of supplies purchased during the year. If $650 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is
A) $650 B) $1,750 C) $4,150 D) $2,850
Gullett Corporation had $26,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a:
A. debit to Raw Materials of $101,000 B. credit to Raw Materials of $101,000 C. debit to Raw Materials of $75,000 D. credit to Raw Materials of $75,000