QUESTION 1: Which statement is true regarding products in a competitive market such as oil, wheat, soybeans, steel, concrete, or paper? Select one:

1.Each producer contributes a large portion of the world's total production.

2.Each consumer benefits from stagnant pricing.

3.Each producer contributes only a small fraction of the world's total production.

4. Each consumer benefits from monopoly pricing.

QUESTION 2:

Which type of shopper benefits the profit margin in a monopoly?

Select one:

1.Educated.

2.Browsing.

3.Convenience.

4.Bargain.

"To maximize profits, businesses must understand shoppers.

Bargain shoppers utilize coupons and discounts and may wait for sales before purchasing.

Browsing shoppers do not intend to make purchases. Rather, they are passing time or enjoying the experience.

Researching shoppers go to a store to try out color and fit, for example, before purchasing online.

Impulse shoppers make unplanned purchases based on appeal.

Need-based shoppers purchase specific products to fill an immediate need.

Educated shoppers study prices, reviews, and quality before making a purchase.

Convenience shoppers buy what is nearby, regardless of price."

QUESTION 3:

What is one practice that maximizes price discrimination to increase profit? Select one:

1.Selling two related goods at equal prices.

2.Selling two unrelated goods at differing price points.

3.Selling a cheaper good that requires a more expensive good to function.

4.Selling an expensive good that requires a cheaper good to function.