Answer 1
D) Government regulation
Explanation:
A rule of law having the force of law, directed by a higher or sufficient authority, comparing to the actions of those under the authority's control. Regulations are published by several federal government agencies and bureaus to carry out the purpose of legislation passed by Congress.
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Answer 2
B) Corporation
Explanation:
Corporations are maintained by their stockholders who share in profits and losses produced through the firm's operations and have three different characteristics. Legal presence a firm can buy, sell, own, enter into an agreement, and sue other persons and firms, and be claimed by them.
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Answer 3
D) Many companies selling similar but not identical products
Explanation:
Monopolistic competition is a type of incomplete competition such that many producers sell products that are distinguished from one another and hence are not perfect replacements. Monopolistic competition is a market structure described by a large number of comparatively small firms. While the goods manufactured by the firms in the industry are similar, slight variations often exist.
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Answer 4
B) To to four firms producing 70 percent to 80 percent of the output
Explanation:
An oligopoly is a market form wherein a warehouse or industry is controlled by a small number of large sellers. Oligopolies can occur from several forms of cooperation which decrease competition and lead to higher prices for customers. Oligopoly has its own market structure.
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