Answer:
See below
Explanation:
<u>1. Cell phone services are an example of oligopoly.</u>
Under oligopoly, a few firms dominate the industry. The cell phone industry is big in volume and value in the US. Despite its size, the cell phone service industry has few providers. Only a handful of names are well-known including, T-mobile, Verizon, AT&T, and Sprint. The firms complete in a collaborative way. New entrants require massive capital investments.
<u>2. Capitalism- allows buyers and sellers to make decisions</u>
Capitalism is an economic system where the governments' role in trade is limited. In Capitalism, people and businesses make most of the economic decisions. Private individuals and companies own the factors of production. Profits motive is a key factor in entrepreneurship. Capitalists focus on wealth creation.
<u>3. Monopolistic Competition</u>
A monopolistic competition market structure combines features of a competitive and monopolistic market. The elements of monopolistic competition include.
- Freedom of entry and exit
- Many buyer and sellers
- Firm offer differentiated products
Unlike in perfect competition, monopolistic competition has different goods and services.
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<u>4. Economics </u>
Economics is the analysis of how society allocates its scarce resources to produce valuable goods and services. Economics also studies the distribution of these products to members of the community. Economics recognizes the scarcity of resources. It advocates for the efficient use of scarce resources to meet the demands of different people.
<u>5. Michigan Cherry Production Increase 47%</u>
Like other agricultural products, cherry prices are influenced by the quantity supplied. Prices remain stable when supply and demand are relatively constant.
Should Cherry production in Michigan go up by 47 percent, there will be an oversupply in the market. Few buyers will be competing for very many goods, which will result in a price decline.
<u>6. Free Enterprise market </u>
A Free enterprise market is an economic model where buyers and sellers have the freedom to spend money as they wish. In this model, the government minimally restricts trade. In the US, the government is mainly a regulator. In free-market enterprise, there is competition amongst producers, the Right to own property or the factors of production, and a profit motive. There is freedom in the choice of business, products, and services. These elements are prevalent in the US economy.
