The term market power refers to
A. The government's ability to change market outcomes.
B. The government's authority to tax businesses.
C. A firm's ability to alter the market price or quantity of a good or service.
D. A firm's ability to eliminate free riders.
Answer: C
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By and large, small countries tend to benefit the most from international trade because
a. their citizens tend to be the most different from the rest of the world. b. they are unable to achieve self-sufficiency. c. they can collect large amounts of tariff revenue from trading with larger countries. d. their citizens are more likely to prefer the high-quality, capital-intensive goods available only from larger countries.
The long-run aggregate supply curve shows the
A) maximum GDP the nation will ever produce. B) full-employment level of real GDP. C) level of real GDP associated with a constant price level. D) level of output at which real GDP equals nominal GDP.
If Sanjaya can shuck more oysters in one hour than Tatiana, then Sanjaya has a comparative advantage in shucking oysters
Indicate whether the statement is true or false
Discuss the method of quantitative easing used by the Federal Reserve during the recession of 2008, including any criticisms of this action