Which of the following is/are differences between pricing strategies in perfect competition as opposed to those in a monopoly market? (More than one option can be correct.)Prices can be controlled by a monopolist.Monopolists have no control on prices.Prices in a perfectly competitive environment are determined by market forces.Prices are controlled easily by a firm in a perfectly competitive market.

A significant difference between monopoly and perfect competition is that: Group of answer choicesfree entry and exit is possible in a monopolized industry but impossible in a competitive industry.competitive firms control market supply but monopolies do not.the monopolist's demand curve is the industry demand curve while the competitive firm's demand curve is perfectly elastic.profits are driven to zero in a monopolized industry but may be positive in a competitive industry.

Perfect competition and monopolistic competition are similar in that both market structures include A. price-taking behaviour by firms. B. a homogeneous product. C. no barriers to entry. D. very few firm

. Perfectly competitive firms are price takers because a. each firm is very large. b. there are no good substitutes for their goods. c. many other firms produce identical products. d. their demand curves are downward sloping 9. A price-taking firm a. cannot influence the price of the product it sells. b. talks to rival firms to determine the best price for all of them to charge. c. sets the product's price to whatever level the owner decides upon. d. asks the government to set the price of its product. 10. A monopoly is a market with a. no barriers to entry. b. many substitutes. C. many suppliers. d. one supplier 11.Which of the following advantages does a budget mostly provide? a. Coordination is increased b. Planning is emphasized c. Coordination is continuous d. Comparison of actual versus budgeted data. 12.Budgets are related to which of the following management functions? a. Planning b. Performance evaluation c. Control d. All of these 13.A formal written statement of management ‘s plans for the future, packaged in financial items, is a a. Responsibility report b. Performance report. c. Cost of production report d. Budget 14.The budget approach that is more relevant when the continuance of an activity or operation must be justified on the basis of its need or usefulness to the organization. a. The incremental approach b. The zero-based approach c. The base-line approach d. Both(a)and(b) are there. 15. series of budgets for varying levels of activity is a a. Variable cost budget b. Master budget c. Flexible budget d. Aero-based budget 16.A common starting point in the budgeting process is a. Expected future net-income b. Past performance c. To motivate the sales force. d. A clean slate, with no expectation. 17.Budgeting process in which information flows top down and bottom up is referred to as: a. Continuous budgeting b. Perpetual budgeting c. Participative budgeting d. Joint budgeting 18.Zero-based budgeting: a. Involves the review of changes made to an organisation’s original budget. b. Does not provide a summary of annual projections. c. Involves the review of each cost component from cost-benefit perspective d. Emphasizes the relationship of effort to projected annual reports. 19. Incremental Budgeting’ refers to a. Line-by-line approach of expenditure b. Setting budget allowances based on prior year expenditure c. Requiring top management approval of increases in budgets d. Using incremental revenues and costs in budgeting.

Item10Item 10Which of the following is correct?Multiple ChoiceBoth perfectly competitive and monopolistic firms are "price takers".Both perfectly competitive and monopolistic firms are "price makers".A perfectly competitive firm is a "price taker," while a monopolist is a "price maker".A perfectly competitive firm is a "price maker," while a monopolist is a "price taker".

Which of the following statements correctly identifies a difference between perfect competition and monopolistic competition? aIn perfect competition the firms all sell products that are exactly the same, but in monopolistic competition each firm sells a slightly differentiated product. bIn perfect competition firms maximize profit by selling the quantity where marginal revenue equals marginal cost, but in monopolistic competition firms maximize profit by selling the quantity where marginal revenue exceeds marginal cost. cn perfect competition there are few consumers, but in monopolistic competition there are many consumers. In perfect competition there are few consumers, but in monopolistic competition there are many consumers. dIn perfect competition there are many firms, but in monopolistic competition there are only a few firms.