Given below are the sentences which when arranged logically form a coherent passage. Choose the option which gives the correct sequence.I. The product or service that has been monopolized cannot be distributed or sold by any other person. The subsequent implication to compete with the government is punishable by law.II. Monopoly is defined as the exclusive possession and control of supply in trade of a service or commodity. In economics, government monopoly similarly implies the government host sole proprietorship to a product or service.III. As such, gambling monopoly allows the government to manage and control many aspects of gambling instances and regulations within the state.AIII, II, IBII, I, IIICII, III, IDI, II, III

The conditions necessary for “pure monopoly” are 1) many firms, 2) a homogeneous product, and 3) complete freedom of entry and exit.Question 28Select one:TrueFalse

In an industry that is characterized by pure competition which of the following is true?Question 42Select one:a.There is one firm in an industry, total product differentiation, and complete freedom to enter and exit the market.  Pure monopolies are price setters.b.There are many firms in the industry,  with product differentiation, and no freedom to enter and exit the market.  The firms are government regulated.c.There are a few  firms in the industry, some product differentiation, and some freedom to enter and exit the market.  Firms have some degree of market power.d.There are many firms in the industry, no product differentiation, and complete freedom to enter and exit the market.  Purely competitive firms are price setters.e.There are many firms in the industry, no product differentiation, and complete freedom to enter and exit the market.  Purely competitive firms are price takers.

Determine if each of the following statement is True or False. Explain your reasoning.(a) “Some goods such as stock of fish in the ocean are rival in consumption but non-excludable. Competition between private agents in such markets ensures that an efficient quantity of a good is supplied to the market.”  (7 marks)(b) “A monopoly firm is in the short-run equilibrium making a positive economic profit. An increase in the Fixed Cost of production will lead to a higher price and lower quantity in this market because to maximise profit monopoly will want to increase the price it charges for its product.” (8 marks)(c) “When both demand and supply increase in a given market, the equilibrium price and quantity will always be higher as a result.” (5 marks)(d) If the price of peaches, a substitute for plums, decreases, the demand for plums will increase. The demand curve for plums will shift to the right.  (5 marks)

Five jumbled-up sentences, related to a topic, are given below. Four of them can be put together to form a coherent paragraph. Identify the odd one out and key in the number of the sentence as your answer:You can observe the truth of this in every e-business model ever constructed: monopolize and protect data.Economists and technologists believe that a new kind of capitalism is being created - different from industrial capitalism as was merchant capitalism.In 1962, Kenneth Arrow, the guru of mainstream economics, said that in a free market economy, the purpose of inventing things is to create intellectual property rights.There is, alongside the world of monopolized information and surveillance, a different dynamic growing up: information as a social good, incapable of being owned or exploited, or priced.Yet information is abundant. Information goods are freely replicable. Once a thing is made, it can be copied and pasted infinitely.Please select your Answer.12345

Explain four features of perfect competition or Monopoly?