Jason’s mom specifically asked for a cip cast iron pan for her birthday. as jason scanned the stock in two department stores, he found ten different brands, none of which were cip. when he found cip in a kitchen specialty shop, he was challenged to tell the difference between his mom’s choice and the others. in his business class, he learned about where many sellers may be offering very similar products. through various means, each seller differentiates his product from the competition.
a) oligopolistic competitionb) limited competitionc) perfect competitiond) monopolistic competition

The correct answer is the letter d. Monopolistic competition.

Explanation:

Monopolistic competition is a market structure in which many companies sell similar but not identical products. Jason therefore learned about the perfect competition, there are a lot of cookware being sold, similar but there is product differentiation to try to attract consumers.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.