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1) Which is accurate about advertising?
A) All of these are accurate
B) Sometimes it helps provide information so competition is more effective
C) It wouldn't make sense in a perfectly competitive industry
D) Sometimes it manipulates preferences instead of helping people
2) Economies of scale is when average cost is lower for higher levels of output.
A) True
B) False
3) A monopoly that is not regulated will result in market failure based on too little production and a dead weight loss triangle, unless they can price discriminate for all customers.
Q1 According to Australia Bureau of Statistics, in 2020 the population of Australia is about 25.6 million. The adult population over the age above 15 years was
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The price elasticity for rice is estimated to be -0.4 and the income elasticity is 0.8 . At the price of $0.40 per pound and a per capita income of $20,000, the demand for rice is 50 million tons per year. a. is rice an inferior good, a necessity, or..
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