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Author Question: Politicians have often kissed babies to improve their re-election prospects. A rational politician ... (Read 23 times)

brutforce

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on: Jun 29, 2018
Politicians have often kissed babies to improve their re-election prospects. A rational politician will kiss babies as long as
 
  A) the public is impressed.
  B) the marginal benefits exceed the marginal costs.
  C) there is a camera crew to document the activity.
  D) the babies are cute.

Question 2

What are the types of market power? How do they arise?
 
  What will be an ideal response?


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mathjasmine

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

There are two types of market power. They are as follows:
a) Legal market power: Legal market power arises when the government grants exclusive production rights to particular firms, thus creating barriers to entry.
b) Natural market power: Natural market power arises when barriers to entry occur naturally. This can happen when a firm owns or controls a key resource necessary for production or when a firm enjoys economies of scale over the relevant range of output.


brutforce

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Reply #2 on: Jun 29, 2018
Correct answers!


mathjasmine

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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