Advertising for Milk and Beef is usually done by
A) interest groups that represent the whole industry.
B) a single firm in the market.
C) a small set of firms in a market.
D) It is not done because it doesn't pay to advertise homogeneous products.
Question 2
If only one firm operates in a market, and a potential entrant is blockaded from entering the market, then the incumbent firm must
A) have acted to prevent entry.
B) be pricing where price equals marginal cost.
C) be a natural monopoly.
D) be the Stackelberg leader.
