The distinguishing features of oligopoly are a. a small number of interdependent firms with natural or legal barriers preventing the entry of new firms b. a small number of interdependent firms with no barriers to prevent the entry of new firms c. a large number of firms each producing differentiated products with no barriers to prevent the entry of new firms d. a large number of firms producing identical products with firms free to enter or exit the market

The answer is (A) a small number of interdependent firms with natural or legal barriers preventing the entry of new firms.

Explanation:

Oligopoly has a similar market type as a monopoly – with one key difference: There are multiple players that are controlling the market. The number of players in this market segment may not be plentiful due to the high entry barriers. This is its main difference to a perfect competition market or monopolistic market. An example of oligopoly would be the oil and gas industries, where the major players – either regional or global-wise are just a handful.  

b.a credit to Cash for $63,316. and c.a debit to Postretirement Benefit Expense for $63,316

Explanation:

Given that the pension plan for GL Inc. requires a contribution to the plan administrator equal to 11% of employee salaries. And

Salaries = $575,600

Pension contribution = 11% × $575,600

                                   = $63,316

To record this,

Debit Post retirement Benefit Expense (p/l)   $63,316

Credit Cash account                                         $63,316

The right options are b.a credit to Cash for $63,316. and c.a debit to Postretirement Benefit Expense for $63,316