A firm has market power:
A. when it can profitably charge any price of its choosing.
B. when it is characterized as a price taker.
C. when it can profitably charge a price that is above its marginal cost.
D. only when it is the sole firm producing in a market.
C. when it can profitably charge a price that is above its marginal cost.
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Individuals who are under the age of 16 can sometimes be out of work, but they are still not included among the unemployed
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying table. It is clear that diminishing returns sets in after ________ workers per day.Number of Workers Per DayOutput Per Day001328315424532639
A. 5 B. 3 C. 4 D. 6
Firms will sometimes not raise their prices, even when there is a large increase in demand for their products because they fear consumers will consider the price increases unfair.
a. true b. false
The lemons problem is due to
A) asymmetric information. B) moral hazard. C) hidden actions. D) symmetric information.