The only firms that do not have market power are
A) firms in perfectly competitive markets. B) firms in industries with low barriers to entry.
C) firms that do not advertise their products. D) firms that sell identical products.
A
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In 1998 an economic and financial crisis in South Korea caused it to experience
A) a surplus in their balance of payments. B) a deficit in their balance of payments. C) a balanced balance of payments. D) an unbalanced balance of payments. E) a lull in international trade.
In the medium run, an increase in government spending that causes an increase in the budget deficit
A) affects the level of output but not its composition. B) affects both the level and composition of output. C) will not affect the composition of output but will affect the price level. D) is neutral. E) none of the above