What is market power?
What will be an ideal response?
Market power is an imperfectly competitive firm's ability to raise price without losing all demand for its product.
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Money is:
A. the clearest example of something that is fungible. B. always recognized as fungible by individuals. C. more fungible in cash form versus as checking account balances. D. All of these are true.
The patent and copyright systems
a. reduce the cost of duplicating intellectual property b. help make the market for intellectual property more competitive c. are forms of intellectual property d. help increase the incentives to create new intellectual property e. help reduce the incentives to create new intellectual property
In the U.S. a digital camera costs $200 . The same camera in London sells for 90 pounds. If the exchange rate were .50 pounds per dollar, then which of the following would be correct?
a. The real exchange rate is greater than 1 . A person in London with $200 could exchange them for pounds and have more than enough to buy the camera there. b. The real exchange rate is greater than 1 . A person in London with $200 could exchange them for pounds but then wouldn't have enough to buy the camera there. c. The real exchange rate is less than 1 . A person in London with $200 could exchange them for pounds and have more than enough to buy the camera there. d. The real exchange rate is less than 1 . A person in London with $200 could exchange them for pounds but then wouldn't have enough to buy the camera.
The primary benefit that results when a nation employs its resources in accordance with the principle of comparative advantage is
What will be an ideal response?