What is defined as the ability of a firm to earn high profits by raising and keeping the prices of its products substantially above the levels at which those products would be priced in competitive markets?

If two restaurants sell many of the same food items but one offers a higher level of service, the service distinction is a form of _____.

(A) Local competition (B) Choice among substitute products (C) Nonprice competition (D) Price fixing

Efficient allocation of resources makes everyone better off

a. True b. False Indicate whether the statement is true or false