Globalization of markets can reduce oligopoly power by
a. increasing the number of competitors
b. increasing market prices
c. bypassing antitrust legislation in a particular country
d. identifying new markets for goods and services
e. reducing the economies of scale
A
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How are the following events likely to affect the market supply of rice in an economy?
a) A fall in the wage rate of farm labor b) An increase in the productivity of farm capital due to better technology c) An increase in the use of agricultural land for non-agricultural purposes
The tax increases necessary to fund future Social Security and Medicare benefit payments would be
A) small, but could discourage work effort, entrepreneurship, and investment, thereby slowing economic growth. B) large, but would have little effect on economic growth. C) large, and could discourage work effort, entrepreneurship, and investment, thereby slowing economic growth. D) small, and have little effect on economic growth.