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3 years ago

Which best states the main difference between a monopoly and pure competition?

Business

2 answers:

Dennis_Churaev [7]3 years ago

8 0

Answer:

Monopoly involves no competition at all while pure competition involves high competition

Explanation:

Brut [27]3 years ago

3 0

When you have a monopoly you have a product or service on the market with no competition. On the flip side, in a pure or perfect competition there are various competitors selling the same product or service as you. The main difference between these two are that a monopoly involves no competition at all while a pure competition involves a high level of competition. (the first choice)

The second choice is incorrect because it is harder to establish a product in a pure competition market because you are competing with other companies.

The third choice is incorrect because a monopoly refers to a company with a product or service and no competition whereas a pure competition refers to one with the same products or services.

The forth choice is incorrect because they can be present in various economy structures.

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Answer:

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b. The entry to record the sale of the equipment:

Debit Cash $3,000

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Explanation:

To recognize gain or loss on the sale of the equipment:

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During its first year of operations, puffin, incorporated reported sales revenue of $388,200 but only collected $308,000 in cash

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A legal entity is an entity that exists legally separate from its owners, managers, operators, employees, and agents. Legal entities have the same powers as individuals, including the right to own and dispose of property, the power to sue and be sued, and the power to contract for a profit. A business example is an agriculture. An example transaction is a home sale.

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