1 The automobile industry is most associated with which competitive situation? pure competition

oligopoly

communism

monopoly

2 Which type of business is defined in part by its limited liability?

public corporation

sole proprietorship

government corporation

partnership

3 Which of these situations is most likely to lead to a decrease in the price of a good?

Demand decreases and supply decreases the same amount.

Demand increases and supply decreases.

Demand decreases and supply remains the same.

Demand increases as fast as supply increases.