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Edmentum PLATO Economics Post Test Unit 4: Regulations 100% Pass
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Edmentum PLATO Economics Post Test Unit 4: Regulations 100% Pass Select the correct location on the graph. Indicate the point where a monopoly will set its price. Select the dot on the blue line, ABOVE the dot where marginal cost = marginal revenue. GoGo Gas and Fab Fuel are among the few large p...

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  • December 28, 2023
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  • 2023/2024
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Edmentum PLATO Economics Post Test Unit 4: Regulations 100% Pass Select the correct location on the graph. Indicate the point where a monopoly will set its price. ✔✔Select the dot on the blue line, ABOVE the dot where marginal cost = marginal revenue. GoGo Gas and Fab Fuel are among the few large produce rs of gasoline in the country. Along with other large producers, they have formed a formal organization to control the output and price of gasoline in that country. What is such an organization called? ✔✔cartel Which statement is false? A. A monopoly sells lower -quality products at higher prices than in a perfect competition. B. Natural monopolies are necessary to avoid wasteful duplication of resources. C. Collusion is legal in the United States, but cartels are not. D. The start -up cost s in a monopolistically competitive industry are low. E. Homogeneous products leave consumers with no choice. ✔✔Collusion is legal in the United States, but cartels are not. Match each economic term with its description. ✔✔Monopoly: There is a single sell er in the market. Oligopoly: Every company in this market structure is aware of the actions of the other companies. Perfect Competition: There are no barriers to entry in the market. Collusion: Three companies secretly enter into a price agreement. When t he value of a country's currency falls, the currency is _____________, so one unit of that currency can buy ___________ units of other currency. ✔✔depreciating, fewer The United States can produce 200 pillows in one week, while Spain and France produce 15 0 and 100 pillows, respectively, in one week. On the other hand, Spain can produce 10 televisions in one week, while the United States and France produce only 5 and 4 televisions, respectively. __________________ has an absolute advantage in producing pill ows, and __________________ has an absolute advantage in producing televisions. ✔✔The United States, Spain Match the correct economic term with each scenario. ✔✔A country or individual concentrates all its productive efficiency on producing limited goods: SPECIALIZATION

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