Which of the following firms is likely to have the greatest market power?
a. an electric company
b. a farmer
c. a grocery store
d. a local electronics retailer
a
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The ceteris paribus assumption means
A) favors are returned in kind. B) this is the proof of the matter. C) from many, one. D) other things are equal.
The welfare loss associated with the outcome in a colluding oligopoly is:
A. smaller than that of a perfectly competitive outcome. B. smaller than that of a competitive oligopoly. C. the same as that of a perfectly competitive outcome. D. None of these statements is true.
Cost-push inflation is caused by:
a. an increase in short-run aggregate supply. b. a decrease in short-run aggregate supply. c. an increase in long-run aggregate supply. d. a decrease in long-run aggregate supply.