1) Which is accurate about advertising?

A) All of these are accurate

B) Sometimes it helps provide information so competition is more effective

C) It wouldn't make sense in a perfectly competitive industry

D) Sometimes it manipulates preferences instead of helping people

2) Economies of scale is when average cost is lower for higher levels of output.

A) True

B) False

3) A monopoly that is not regulated will result in market failure based on too little production and a dead weight loss triangle, unless they can price discriminate for all customers.

A) True

B) False