When firms have the ability to change the market price of a good or service, the market failure involved is:
A.) Market power.
B.) Public goods.
C.) Externalities.
D.) Inequities.
A.) Market power.
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Looking at the table above, real wages ________ from 2011 to 2012, and real wages ________ from 2012 to 2013.
A) fell; rose
B) fell; fell
C) rose; fell
D) rose; rose
The figure above represents the demand and cost functions facing a Brazilian Steel producing monopolist. If it were unable to export, and was constrained by its domestic market, what quantity would it sell at what price?
What will be an ideal response?
Countries in which wages adjust slowly to changes in the supply of and demand for labor are likely to have ________ sacrifice ratio
A) an infinite B) a high C) a low D) a zero
This table shows the demand and supply schedule of a good.
According to the table shown, at a price of $0.50 quantity demanded:
A. exceeds quantity supplied and a shortage exists.
B. is less than quantity supplied and a shortage exists.
C. exceeds quantity supplied and a surplus exists.
D. is less than quantity supplied and a surplus exists.