Question Completion Status: QUESTION 1 2.5 points /Saved Match the type of economy with its definition. B. v Economies based on supply and demand A. Traditional A v Economies that organize their economic affairs the way they B. Market have always done C. Command C. v Economies that are devoted to goals passed down from a ruler or ruling class QUESTION 2 2.5 points Save Answer Wheat is being grown and sold at the lowest possible average cost. Which of the following does this situation illustrate? Productive efficiency O Market elasticity Allocation efficiency Perfect competition QUESTION 3 2.5 points Save Answer What will happen when a monopolistic competitive firm increases its price? It will lose all its customers like a perfect competition firm. It will lose only a few of its customers like a monopolist. It will lose fewer customers than under perfect completion but more than a monopolist. It will not lose any customers