The theory of countervailing power asserts that
a. government must counter the power of big business
b. the government must nationalize all important industries
c. market power in one sector will be held in check by market power in another sector
d. big firms will all join together to raise prices and profits
e. small firms are a sufficient countervailing force to neutralize the harmful effects of big business
C
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Explain how our standard of living depends upon our level of real GDP per person, but there might not be a one-to-one relationship between the standard of living and real GDP per person. Give examples of things that can affect one, but not the other
What will be an ideal response?
Explain what social overhead capital is
What will be an ideal response?
Price elasticity of demand measures the
A) slope of the demand curve. B) sensitivity of quantity demanded to changes in the price of substitute goods. C) sensitivity of price to changes in the quantity demanded of substitute goods. D) sensitivity of quantity demanded to changes in price.
When the Fed increases or decreases the money supply, these actions are called
a. discounting b. money printing c. moral suasion d. open market operations e. interest payments