By failing to expand output to the point where marginal benefit equals market price, firms with market power produce less of the good and charge a higher price than would be socially optimal
Indicate whether the statement is true or false
false
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The basic problem in economics is
A) unlimited needs. B) scarcity. C) demand. D) limited resources.
Which of the following statements is correct?
a. Because we have more food per capita, global food prices have decreased since 1875. b. Because we have less food per capita, global food prices have increased since 1875. c. Because we have less food per capita, global food prices have decreased since 1875. d. Because we have more food per capita, global food prices have increased since 1875.
According to the official measure of poverty, in 2010 the poverty rate of families in the United States was
a. 4.2 percent. b. 11.1 percent. c. 18.5 percent. d. 22 percent
Budget surpluses lead to ______ interest rates and ______ amounts of saving and investment.
a. lower; smaller b. lower; larger c. higher; smaller d. higher; larger