A firm has market power if it can
a. maximize profits.
b. minimize costs.
c. influence the market price of the good it sells.
d. hire as many workers as it needs at the prevailing wage rate.
c
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The following is an example of risk aversion
a. those applying for a well-paid job tend to be the most qualified b. more reckless drivers opt for cars with fewer safety devices c. the contractor with the lowest bid for a is under-qualified d. Initial Public Offerings (IPOs) seek investors when prospects look good
In the late 1970s, U.S. nominal interest rates were high and real interest rates were low, but in the late 1990s, U.S. nominal interest rates were low and real interest rates were high
a. True b. False Indicate whether the statement is true or false
Sam has no job but keeps applying to get a job with a business that is unionized. He is qualified and he finds the pay attractive, but the firm is not hiring. Sam is
a. structurally unemployed. Structural unemployment exists even in the long run. b. structurally unemployed. Structural unemployment does not exist in the long run. c. frictionally unemployed. Frictional unemployment exists even in the long run. d. frictionally unemployed. Frictional unemployment does not exist in the long run.
Direct taxes are levied on specific economic activities.
Answer the following statement true (T) or false (F)