Use the Information Below to Answer the Following Questions

question 64

Multiple Choice

Use the information below to answer the following questions.
Fact 13.1.1
The following statements give some information about seven markets.
1. Coca-Cola cuts its price below that of Pepsi-Cola in an attempt to increase its market share.
2. A single firm, protected by a barrier to entry, produces a personal service that has no close substitutes.
3. A barrier to entry exists, but the good has some close substitutes.
4. A firm offers discounts to students and seniors.
5. A firm can sell any quantity it chooses at the going price.
6. The government issues Nike an exclusive licence to produce golf balls.
7. A firm experiences economies of scale even when it produces the quantity that meets the entire market demand.
-Refer to Fact 13.1.1. The firm described in statement ________ is a natural monopoly. The firm described in statement ________ is a legal monopoly.

• A)7; 6
• B)2; 7
• C)6; 7
• D)2; 6
• E)1; 4

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Definitions:

Fathers

Male parents or guardians who have a significant role in raising and nurturing their children.

Stepfathers

Men who are married to one's mother and are not their biological father but may fulfill the role of a father.

Sexually Abuse

The act of subjecting someone to unwanted or forced sexual actions or behavior without their consent.

Child Abuse Reports

Official notifications or documentation made to authorities outlining suspected or confirmed instances of child mistreatment or neglect.