Refer to the graph above. Points A, B, and C represent ________, ________, and ________, respectively
A) equilibrium wage rate after migration from home to foreign has occurred; the wage rate in foreign before migration; the wage rate in home before migration
B) equilibrium wage rate after migration from foreign to home has occurred; the wage rate in home before migration; the wage rate in foreign before migration
C) the wage rate in home before migration; the wage rate in home after migration; the wage rate in foreign after migration
D) the global wage rate before migration; the wage rate in foreign after migration; the wage rate in home after migration
E) the global wage rate before migration; the wage rate in home after migration; the wage rate in foreign after migration
A
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Indicate whether the statement is true or false
Suppose a single firm gains control of an industry by preventing other firms from entering the industry. As a result, the price charged by the single firm is much higher than the price that would be charged by many different firms producing this product in a competitive market. This situation can best be described as:
A. a government failure. B. a competitive outcome. C. a market failure. D. an efficient outcome.