Question

1.The doctrine of egalitarianism, which is professed by socialist economies, refers to: strict regulation of prices by the government. distribution of social services to the poor only. equal distribution of income and social services. distribution of social services based on economic status. production of goods based on competition, supply, and demand. 2.According to Adam Smith, competition fosters efficiency because: the government regulates the prices of goods and services. producers have to offer the best products at reasonable prices. a decreased supply of goods and services depresses prices. buyers will have a limited choice of goods and services. businesses can set prices according to their will. 3.Which of the following products are most likely to have a market characterized by pure competition? Medicines Vacuum cleaners Agricultural commodities Soft drinks Cars

Answer 1

Pure competition is something where such a market is created in which firms provide similar but undifferentiated products.

Based on the above options, the best match would be Medicines. Assuming if for a particular ailment one particular medicine is required then all the medicines would be of same salt.