I have been so sad trying to figure this out all day. Can anyone help??
Is this right?
1-2
2-3
3-3
4-3
5-2
1.A condition needed for the success of a competitive market is
1) price ceilings.
2) competition.
3) controlled production.
4) price floors.
2.An example of a public disclosure law is
1) advertising sales.
2) price tags on merchandise.
3) requiring content labels on food products.
4) announcing changes in company leadership.
3. Which of the following maximize profits by producing the quantity of output where marginal cost is equal to marginal revenue?
1) perfect competitors, monopolistic competitors, and monopolists
2) monopolistic competitors
3) monopolists
4) perfect competitors
4.Local bus companies are an example of a(n)
1) entrepreneurial enterprise.
2) oligopolistic industry.
3) government agency.
4) natural monopoly.
5.A new firm finds it almost impossible to enter an industry dominated by
1) oligopoly.
2) pure competition.
3) monopoly.
4) monopolistic competition.
What is Economics??????
1. 2) competition
2. 3) requiring content labels on food products
3. 1) perfect competitors, monopolistic competitors, and monopolists
4. 2) oligopolistic industry
5. 3) monopoly
1 and 2 you got right but the rest were wrong.
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#3 is choice 1 because all market types maximize profits at mc=mr not just perfect competition
#4 is a oligopolistic industry because typically you have only a few bus companies in any given area.
#5 is monopoly because the barrier to entry are so high there is only one seller in that market.
