Market power may result from
A. Flawed price signals.
B. Control of resources.
C. Merit goods.
D. Antitrust policy.
Answer: B
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Which part of the Foreign Corrupt Practice Act (FCPA) prohibits employees and representatives of U.S. firms from bribing foreign officials?
A) Part I B) Part III C) Part II D) Part VI
_____ is the lack of satisfaction yielded after consuming too much of the same product
a. Ordinal utility b. Disutility c. Total utility d. Marginal utility e. Cardinal utility
The assumption of wage and price flexibility lead classical economists to conclude that business cycle fluctuations are short-term in nature
a. True b. False Indicate whether the statement is true or false
A monopolist will maximize profits by:
A. setting his price as high as possible, while a perfectly competitive firm will take price from the market. B. setting his price at the level that will maximize per-unit profit, while a perfectly competitive firm will minimize per-unit loss. C. producing the output where marginal revenue equals marginal cost, just as a perfectly competitive firm will. D. producing the output where price equals marginal cost, while a perfectly competitive firm will produce where marginal revenue equals marginal cost.