In 2015/2016, the Largest Share of Australian Federal Government Welfare

question 34

Multiple Choice

In 2015/2016, the largest share of Australian federal government welfare payments went to:

• A)unemployment benefits.
• B)age pensions and services to the aged.
• C)disability pensions and expenditures.
• D)payments to families with children.

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Definitions:

Pure Monopoly

A market structure where a single seller controls the entire supply of a product or service, with no close substitutes available.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, leading to some degree of market power in setting prices.

Economies of Scale

A proportionate saving in costs gained by an increased level of production, leading to lower costs per unit as volume increases.

Unit Cost

The expense a company experiences in manufacturing, warehousing, and distributing a single unit of a specific product or service.