The market power enjoyed by a particular producer depends on the number of firms in the industry

A persistent decline in the price level resulting from economic growth in the presence of stable aggregate demand is known as

A) secular deflation. B) the interest rate effect. C) the real balance effect. D) demand-side deflation.

The government sometimes creates an excess demand for a product by setting a maximum price at which the product may be sold to consumers. This is sometimes called a

A) subsidy. B) price floor. C) tax. D) price ceiling.