Competition is best characterized as A) a fully regulated set ...

[iveyjurea]

Competition is best characterized as
 
  A) a fully regulated set of market activities.
  B) a fair and just set of outcomes.
  C) a process of bids and offers.
  D) a necessary evil.

Question 2

Refer to the scenario above. If both firms operate to maximize profits, the:
 
  A) total cost of production is minimized.
  B) total combined profits are minimized.
  C) marginal cost of both firms are minimized.
  D) marginal cost of both firms are maximized.

[mcabuhat]

Answer to Question 1

C

Answer to Question 2

A