A firm that has a great deal of control over the price of a good is said
A) to function in a black market.
B) to create a tax incidence.
C) to have monopoly power.
D) to be in an antitrust position.
C
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In economic language, children may sometimes be considered an "inferior good." What does that mean and why might it be true?
What will be an ideal response?
When you have to give up one opportunity in order to choose another, the value of the opportunity that is not chosen is called the
A. opportunity cost. B. forgone value. C. opportunity price. D. choice equilibrium.
Refer to the data below. The government now introduces a subsidy payment to producers of $30 per unit. Assuming a purely competitive market for the product, the new equilibrium price will be between:
The following data show the supply and demand schedules for a product.
A. $40-$50
B. $50-$60
C. $60-$70
D. $70-$80
All of the following are characteristics of a bond except
A) a bond represents a promise to repay a fixed amount of funds. B) the face value is repaid when the bond matures. C) the coupon payment is the interest payment on the bond. D) bonds generally pay dividends each year.