Market power refers to the
a. firm's ability to control the industry's supply and demand
b. joining of firms into a cartel
c. firm's ability to control market price
d. market's ability to control a firm's price
e. industry's ability to control market price
C
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In a persisting demand-pull inflation,
A) aggregate supply decreases and aggregate demand increases. B) aggregate demand decreases and aggregate supply decreases. C) aggregate demand increases and potential GDP decreases. D) aggregate supply increases and aggregate demand increases. E) None of the above answers is correct.
The main point of the second theorem of welfare economics is that:
A) efficiency is more important than equity. B) efficiency may be achieved, but equity is not a feasible goal. C) any attempt to achieve an equitable outcome must occur off the contract curve. D) any equitable outcome can be achieved by reallocating the resources among the members of a society.
According to the graph shown, if the economy is operating under free trade, who would be opposed to a tariff?
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. Foreign producers
B. Domestic consumers
C. Domestic producers
D. Both A and B would be opposed to a tariff.
What is the long-run financial problem for Social Security?
What will be an ideal response?