"Market power" is an expression used to indicate that a firm has
a. no rivals.
b. the power to sell a given output at whatever price it chooses.
c. some freedom from the rigors of intense competition.
d. a monopoly over the product it produces.
C
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Suppose the demand for rental apartments decreased substantially. We would expect to observe
A) no change in rent and a sharp reduction in quantity supplied in the short run, and an even larger decrease in quantity supplied in the long run. B) a large decrease in quantity supplied in the short run, followed by a counter-reaction and an increase in quantity supplied in the long run. C) a small decrease in quantity supplied and significantly lower rents in the short run, and quantity supplied to decrease much more in the long run. D) a large decrease in quantity supplied in the short run and the long run, but much larger reductions in rent in the long run.
"There should be less discrimination against the elderly." This is an example of a
a. normative statement b. positive statement c. forecast d. hypothesis e. prediction