The ability of a firm to raise the price without losing all its sales to rivals is called
a. market power
b. social regulation
c. economic regulation
d. antitrust policy
e. natural monopoly
A
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Suppose the economy of Georgia can produce pecans and peanuts. Suppose the economy can either produce 10,000 pecans or 15,000 peanuts if full specialization in one good were to occur
What is the opportunity cost of increasing pecan production from 5,000 to 10,000 pecans? A) 1,000 peanuts B) 5,000 peanuts C) 7,500 peanuts D) 10,000 peanuts
Critics of the supply-side tax cuts proposed by the Reagan administration argued that lower taxes would:
a. increase the budget deficit. b. decrease money supply in the economy. c. reduce the aggregate price level. d. reduce the disposable income of households. e. reduce the volume of international trade.
If there is no one who is interested in borrowing from a bank,
a. the bank's excess reserves will be zero b. there will be no process of money creation c. the full money multiplier potential will be reached d. the legal reserve requirement must be equal to zero e. the legal reserve requirement must be equal to 100 percent
Who is least likely to be hurt by unanticipated inflation?
A. A disabled laborer who is living off accumulated savings. B. An owner of a small business. C. A secretary. D. A pensioned steelworker.