Refer to Table 17-2. The firm represented in the diagram
A) has market power in the output market.
B) has market power in both the factor and product market.
C) has market power in the factor market.
D) has no market power in the factor or product market.
A
You might also like to view...
Which of the following would be efficient from an economic perspective?
a. Reducing the crime rate to zero b. Changing speed limits and safety requirements so that there were no traffic fatalities or injuries each year. c. Completely eliminating the emission of greenhouse gases d. None of the above would be efficient from an economic perspective.
The most famous story about organizing tasks into jobs comes from Adam Smith's tale of the pin factory. In that story, he argues that
A. cross-training is critical for productivity. B. one worker should be assigned all the tasks in pin construction. C. coordination is the biggest problem for factory efficiency. D. specialization of jobs into simple tasks increases productivity.