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The typical firm in perfect competition is Multiple Choice 0 a farm. 0 an airline an airline 0 a fast food restaurant chain.
Under oligopoly, there are Multiple Choice o identical products. o high barriers to entry. o low barriers to entry. o so many
Under the cartel, the price is Market for Oil S-MC P One Countrys Oil MC ATC Q, Q, Q, Ο MR Figure 42.2 Multiple Choice Ο ο Ο
Which of the following notions is NOT part of OPEC? Multiple Choice i co 0 0
The decrease in gasoline price volatility in 2015 and 2016 was a result of Multiple Choice decreased demand elasticity. decre
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Answer #1

1) Answer: Fast food restaurant chain

The characteristics of perfect competition include: large number of buyers and sellers, easy entry to and exit from the market, homogeneous products, and the firm is the price taker. Firms within the fast food industry fall under the market structure of perfect competition.

2) Answer: High barriers to entry

The three important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sells either identical or differentiated products, and (3) the industry has significant barriers to entry.

Please post the other questions separately. Thanks and good luck :)

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Answer #2
Number One is fast food restaurant chain
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