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II. Right T if the statement is True and change the underlined words if MARKET MODEL NUMBER NATURE EASE of CONTROL
the statement is False. (20 points) of of ENTRY OVER
SELLERS PRODUCT PRICE
1. PURE
1. Economics is the study of giving under condition of scarcity. COMPETITION
2. A business can accurately be described as a place where buyers and 2. MONOPOLY
sellers meet.
3. A command economy decides resource allocation by government 3.MONOPOLISTIC
COMPETITION
planning.
4. OLIGOPOLY