An import quota is an example of

Long-run macroeconomic equilibrium is achieved when the money wage rate has adjusted so that employment is such that real GDP equals potential GDP

Indicate whether the statement is true or false

The Lerner Index is a measure of market power that focuses on:

A) the ratio of the price of a firm's product to the price elasticity of demand for the product. B) the share of the market controlled by the X largest firms in the market. C) the sum of the squares of the market share of each firm in an industry. D) the difference between a firm's product price and its marginal costs of production.