Market power is
A. another term for equilibrium.
B. the ability to raise prices above perfectly competitive prices.
C. the balance between average and marginal product.
D. the combination of price and product.
Answer: B
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A speculator who incorrectly anticipates the future
A) cannot inflict a loss on others because one person's loss must be someone else's gain. B) incurs a personal loss but benefits everyone else. C) inflicts a loss on others and incurs a personal loss. D) makes a personal profit but inflicts a loss on others.
Incrementalism makes sense from a politician's perspective, because _____
a. it keeps all government employees happy b. it eliminates the cost of preparing a budget c. it maximizes political support by giving all special interests something d. they want to be seen in favor of bigger government
Short-run demand for electricity can be quite elastic because consumers can change when they consume electricity
Indicate whether the statement is true or false
Which of the following is associated with global poverty?
A. Low infant mortality rates. B. Opportunities for education. C. Lack of health care. D. Immunization against preventable diseases.