Practice Questions (with answers) for Quiz 2
Hess Company's inventory records show the following data for the month of September:
Inventory, September 1
Purchases: September 8
A physical inventory on September 3
CHAPTER 7PRODUCTION AND COST MULTIPLE CHOICE
1. A firm's profit is a. greater if it is a corporation rather than if it is a sole proprietorship b.
higher if it raises its price than if it does not c. lower if it lowers its price than if it does not d.
1. Although there are barriers to entry in a monopolized industry, there are usually many close substitutes
for the monopolist's product.
ANS: B LOC: Monopoly PTS: 1 NAT: Financial theories, analysis, reporting, and mar