If a firm can influence the market price of the good it sells, then it is said to have __________
Fill in the blank(s) with correct word
market power
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Which of the following is NOT a characteristic of the market structure for monopolistic competition?
A) Firms are free to enter and exit. B) Firms are price takers. C) Firms compete on product quality, price, and marketing. D) There are a large number of firms.
The race-to-the-bottom concept described in the text refers to
A) the situation in which countries with high standards are forced to lower their standards or face the loss of jobs and industry. B) the situation in which human rights are not respected by trading countries. C) adopting the standards of a few selected middle-income and high-income countries. D) the use of low per-capita income as a means of comparing the well-being of individuals. E) None of the above.
International influences have become relatively ________ important for the U.S. economy in recent decades, as we become a more ________ economy
A) less, "open" B) less, "closed" C) more, "open" D) more, "closed"