Economic analysis indicates that high tax rates will
What will be an ideal response?
all of the above.
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Horizontal mergers would most likely cause the
a. merged firm to engage in cartel behavior b. market power of the merged firm to be considerably less than the market power held by both firms before the merger c. stock value of the two firms to increase d. formerly perfectly competitive firms to become oligopolistic e. industry's concentration ratio to increase
When would demand for a good be more inelastic?
a) when there are fewer available substitutes b) when the time period is considered longer c) when the good is considered more of a luxury good d) when the market is more narrowly defined
Compare how exports and imports affect consumers and producers in a domestic economy.
What will be an ideal response?
Clothing retailers have faced greater competition in recent years as more firms have entered the clothing market. Some of the competition has come from foreign competitors, but much of it is domestic competition. As a result there is much competition in markets for many types of clothing and
A. individual buyers and sellers cannot affect the market price because it is determined by the market forces of demand and supply. B. there are relatively few buyers and sellers in the market, and one individual firm can determine the market price. C. firms have a great degree of flexibility in pricing their products because these products can be sold at a high profit level. D. there are no other implications.