Which of these statements regarding the differences between monopoly and a competitive market are true? choose one or more:
a. a monopoly is a price maker, while a competitive firm is a price taker.
b. there are more firms in a competitive market than in a monopoly.
c. a monopolist can earn profits in the long run, but a firm in a perfectly competitive market cannot.
d. a monopolist will produce less than the output produced in a perfectly competitive market.

Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?