1. In which of the following markets should we expect advertising to be most prevalent?

In the market for energy drinks, where many firms produce similar but differentiated products.

In the market for electricity, where one firm produces the entire output.

In the market for tin, where many firms produce identical products.

Using the same cost structure as the previous question, find the minimum of the firm's ATC. O ATC reaches a minimum of 4 at Q = 2 O ATC reaches a minimum of 12 at Q = 3 O ATC reaches a minimum of 15 at Q = 5 O ATC reaches a minimum of 16 at Q = 4A rm hires a lobbyist to persuade government regulators that there should be strict licensing requirements for new rms that want to enter the rm's industry. This is an example of... O rent-seeking O a subsidy O monopolistic competition 0 tragedy of the commons