One of the elements of monopolization is
A. having a significant pricing power due to an accident in the relevant market.
B. the possession of monopoly power in the relevant market.
C. having a superior product or having a superior business acumen..
D. when only one firm exists in an industry.
Answer: B
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Increases in the minimum wage are intended to raise the incomes of low-income workers. Many economists favor a different policy to achieve this goal, a policy that avoids the deadweight losses that result from the minimum wage
What is this policy? A) distribution of vouchers that can be used for rent or mortgage payments B) the earned income tax credit C) the Alternative Minimum Tax D) distribution of food stamps to low-income consumers
If the Fed desired to reduce the federal funds rate,
A) it would conduct an open market sale, reducing reserve supply. B) it would conduct an open market purchase, increasing reserve supply. C) it would conduct an open market sale, increasing reserve demand. D) it would conduct an open market purchase, reducing reserve demand.
Command-and-control regulations
A. are less flexible than incentive based regulations. B. come from the private sector. C. have technology standards a type of control. D. are less flexible than incentive based regulations and have technology standards a type of control. E. are less flexible than incentive based regulations and come from the private sector.
The deregulation of the airline industry caused
a. prices to fall and service to decline b. prices to fall and service to improve c. prices to rise and service to decline d. prices to rise and service to improve