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Question 4 Not yet answered Marked out of 1.00 Flag question Positive economics is O a. based on opinions O b. based only on true statements O c. objective and fact based O d. similar to normative economics Question 5 Not yet answered Marked out of 1.00 P Flag question Mahmood owns a bake shop where he can make all business decisions. He often brings changes in flavors of cakes, pastries, etc. depending on customer feedback and sales figures. This scenario best describes which of the following economic system? O a Capitalist economy O b. Socialism O c. Communism O d. Command economy Question 6 Not yet answered Marked out of 1.00 Flag question Each of the following is a condition necessary for the existence of perfect competition EXCEPT: a. the product being offered by one competing firm must be identical to those offered by other firms O b. buyers must have easy access to information and prices available c. the product must have many sellers and buyers available. O d. barriers to entry in the industry must exist