Special interest groups are not always perceived to add a positive to society. Discuss why this is so.
What will be an ideal response?
Often small groups of people form groups that have political influence that are borne out by
majority of society when the majority of society does not receive the benefits of the legislated action. This can cause resentment and sometimes lead to economically inefficient levels of production.
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What is meant by market power? What are the ways in which a monopoly gains market power?
What will be an ideal response?
If Good Smells, a perfume manufacturer, sells its home fragrance line, this is an example of ________.
A) divestiture B) forward integration C) backward integration D) outsourcing
The demand curve faced by a perfectly competitive firm is:
a. perfectly inelastic. b. relatively elastic. c. unit elastic. d. perfectly elastic. e. relatively inelastic.
If the interest rate falls, the opportunity cost of holding money __________ and the quantity demanded of money __________
A) rises, rises B) rises, falls C) falls, rises D) falls, falls