<span>The question refers to whether that scenario describes a competitive market, and the answer is - no. This scenario that you have presented us with is not an example of a competitive market because there is no free entry. Because firms cannot freely enter this market, this cannot be said to be competitive, because there are no companies to compete if there is only one firm involved. </span>
The price elasticity supply of doctors could be considered relatively inelastic because it takes a minimum of four to six years of training to be able to work as a physician.
<h3>What is supply?</h3>
Supply can be defined as the part of a commodity or a service that is being placed in the market for the consumer to buy.
The price elasticity supply of the doctor will increase after their education, but the price will not be that much efficient as it produces relatively less elasticity.
The proportion variation inside a commodity's currency values in a substantially lower proportion variation in the amount desired.
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The accounting item that is used to perform the activity of accumulating and reporting transactional effects is <u>Accounts</u>.
<h3>What is an Account?</h3>
- This is record that allows for the recording of business activities.
- Is shown in ledger books depending on which general activity it relates to.
Accounts allow us to accumulate information related to a business transaction in such a way that all information related to that transaction are located in the same place.
In conclusion, this is an account.
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