What is the one thing that all firms in an imperfectly competitive market have in common?
What will be an ideal response?
All firms in an imperfectly competitive market exercise market power, which allows them to raise price without losing all demand for their product.
Economics
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"Similar to imports, U.S. exports depend on the level of U.S. real GDP so that if real GDP increases, U.S. exports increase." Explain whether the previous sentence is correct or incorrect
What will be an ideal response?
Economics
All of the following might explain a firm offering quantity discounts except:
a. lower costs of handling large orders. b. an inelastic demand for the good. c. monopoly power in this market. d. existence of some high and some low demand consumers.
Economics