Market power refers to
A) the ability of a firm to sell at a lower price than rival sellers.
B) the ability of a firm to advertise its product and succeed in selling more output.
C) the ability of a firm to charge a price higher than the marginal cost of production.
D) the ability of consumers to dictate what products should be produced.
C
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The classical view that money does not matter is sometimes described by the saying, "Money is a
a) camouflage." b) mask." c) veil." d) smoke screen."
The federal government budget has generally been in a deficit for the past several decades because
A) budget deficits promote full employment. B) every year during those decades was a recession year in which expansionary fiscal policy was called for. C) military expenditures were increased steadily throughout those decades. D) political pressure on Congress to increase taxes and to balance the budget were less effective than political pressure to increase expenditures.