Explanation:
There are certain necessary conditions required for a market to operate as a monopoly. These conditions are not generally met in the real world. This is the reason why monopolies are very rare not so common in the real world.
A monopoly is a market structure where there is a single producer selling a product with no close substitutes. In the real world, almost all products have substitutes.
Also for a monopoly to operate there should be a restriction on entry and exit of firms which is difficult to hold in the real world.
Answer:
The answer is: letter c, a recycling program
Explanation:
A "free-rider" problem happens when <em>some members in the society don't contribute an equal share in the cost of a shared resource. </em>
Among the choices above, the recycling program will give rise to such situation. For example, when it comes to a recycling program of making a school's wall out of recycled bottles (in order to protect it from outsiders), not everyone will join the program yet, most of the time, the program is done for the good of the society. In this case, for the good of the school and the people visiting it.
This results to many free riders taking advantage of the school's wall, including the people who visits the school (parents, babysitters, friends, guardians etc.) and loiters in the area to pass time while waiting for their kids or friends
Answer:
<em>(A) realize financial rewards.</em>
Explanation:
In <em>theory (textbook)</em> the no.1 reason that people become entrepreneurs is to achieve <em>maximum return</em>. The concept of higher risk, higher return is the key here. Business as compared to Services and Profession, has the highest risk thereby giving the best returns out of the three.
However, in <em>practicality</em> people adopt business to <em>pursue their own ideas, gain prestige, be their own boss, continue a family tradition and also to realize financial rewards. </em>
Answer:
The government
Explanation:
In the command economy, the government makes all economic decisions in the country. The command economy is also known as the command centrally planned economy. A central authority, which is the government decides what products will be manufactured, and they will be distributed.
The government makes economic plans for the country that outlines the level of production. It allocates resources required for production as per the plans. The government though its different agencies, owns the factors of production.
