.B is correct I just took the test
Answer:
oligopoly
Explanation:
Oligopoly -
It refers to the type of market framework , which includes the combination of small firms , is referred to as a oligopoly .
In this scenario the market is rules by these small firms.
Due to this type of marketing structure , there is lesser competitions and hence have higher price of the goods and services .
Hence , from the given information of the question ,
The correct framework of market is oligopoly .
Answer:
Part 1
Dr Bad Debts Expense
Cr Allowance for Doubtful Accounts
Part 2
Dr Allowance for doubtful accounts
Cr Accounts Receivable
Explanation:
Part 1. The double entry required to record the increase in provision for noncollectable accounts under the allowance method would be as under:
Dr Bad Debts Expense
Cr Allowance for Doubtful Accounts
Part 2. Similarly the write-off to the accounts receivable would be accounted for as under:
Dr Allowance for doubtful accounts
Cr Accounts Receivable
The above are the correct entries required under the allowance method.
Answer: Less elastic
More elastic
Explanation: Price discrimination in simple words is the situation in which the producer of the commodity charges different prices from different individuals for the same commodity.
If the demand for a particular commodity is less elastic for a consumer, then there is high chance that he will not shift his demand to other product due to high price.
But a more elastic demand suggest that the consumer is not very used to for the product and can shift demand from high prices.
Thus, firms will charge high prices from less elastic customer and low prices from more elastic customers.
