One would expect that collusion among oligopolistic producers would be easiest to achieve in which of the following cases? A) a rather large number of firms producing a differentiated product
B) a very small number of firms producing a differentiated product
C) a rather large number of firms producing a homogeneous product
D) a very small number of firms producing a homogeneous product

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.

Juniper company, inc. uses a perpetual inventory system. the company purchased $9,750 of merchandise on august 7 with terms 1/10, n/30. on august 11, it returned $1,500 worth of merchandise. on august 16, it paid the full amount due. the correct journal entry to record the payment on august 16 is:

"consists of larger societal forces that affect how a company engages and serves its customers."