Which of the following firms have market power?
A. private universities
B. fast food chains such as McDonald's
C. theme parks
D. All of these have market power
Answer: D
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Refer to Figure 17-2. Suppose the Fed used contractionary policy to push short-run equilibrium to point C. If the short-run equilibrium remained at point C long enough,
A) the economy would move back to point A. B) the economy would stay at point C in the long run. C) the short-run Phillips curve would shift down. D) the short-run Phillips curve would shift up.
IPods and headphones are examples of which of the following?
a. Substitutes b. Inferior Goods c. Complements d. None of the above
Suppose that Nepal invests less in new factories and equipment than does the United States. This will likely cause:
A. The U.S.'s production possibilities curve to shift inward faster than Nepal's. B. The U.S.'s production possibilities curve to shift outward faster than Nepal's. C. Nepal's production possibilities curve to shift inward faster than the U.S.'s. D. Nepal's production possibilities curve to shift outward faster than the U.S.'s.
Products produced in oligopoly markets are always differentiated.
Answer the following statement true (T) or false (F)