When firms have market power, it means that they:
A. can noticeably affect the market price.
B. have no control over the market price.
C. can noticeably affect the market quantity available for sale.
D. do not noticeably affect the market quantity offered for sale.
A. can noticeably affect the market price.
You might also like to view...
The federal budget deficit has been over 30 percent of GDP since the early 1980s
a. True b. False Indicate whether the statement is true or false
A state of consumer equilibrium for two goods consumed exists when the:
A. marginal utility of all goods is the same for the last dollar spent on each good. B. marginal utility per dollar's worth of two goods is the same for the last dollar spent on each good. C. price of two goods is the same for the last dollar spent on each good. D. marginal cost per dollar spent on two goods is the same.
How much is the tax?
A. $6.00
B. $4.50
C. $3.00
D. $2.00
If your real income rises but your nominal income falls, then you benefit from deflation.
Answer the following statement true (T) or false (F)