In terms of market failure, what is meant by monopoly?
a. The government holds the power to control prices, lower unemployment, or reduce inflation.
b. Most of the resources in an economy are controlled by CEOs and other business executives.
c. Technological change spurs significant growth in one economic sector while leaving others unchanged.
d. One seller dominates a market and excludes others from participating in mutually beneficial exchange.
d. One seller dominates a market and excludes others from participating in mutually beneficial exchange.
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If Mother Teresa had spent $190,000 on a leprosarium in Calcutta, how would her purchase have directly affected U.S. GDP?
A) It would remain unchanged because the expenditure occurred outside the domestic economy. B) It would remain unchanged because Mother Teresa was not acting out of her own selfish interests. C) It would have increased by $190,000. D) It would have decreased by $190,000.
A drop in deposit rates, all else constant, __________ a bank's __________ risk
A) lowers; credit B) lowers; interest rate C) raises; credit D) raises; interest rate