Edmentum PLATO Economics Post Test Unit 4: Regulations questions and Answers 100% Correct

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 producers 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 costs 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 seller 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