Author Question: The market power of a firm refers to its ability to A) erect entry barriers in the industry. B) ... (Read 113 times)

tuffie · **on:** Jun 29, 2018

The market power of a firm refers to its ability to

A) erect entry barriers in the industry.
B) make a profit even when other firms in the industry are making losses.
C) control its own output level while keeping its price the same as the prices charged by other firms.
D) affect the market price for its industry's output.

Question 2

Social regulation is focused on all of the following EXCEPT

A) the impact of production on the environment and society.
B) better working conditions, and safer and better products.
C) a better quality of life through a less polluted environment.
D) ensuring costs are minimized and benefits are maximized.