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Lobcity

Hero Member
Posts: 524

on: Jun 29, 2018

What is market power?

What will be an ideal response?

Question 2

Refer to Figure 2-2. What is the opportunity cost of one pound of vegetables?

A) pound of meat B) 1.2 pounds of meat
C) pounds of meat D) 12 pounds of meat

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Kingjoffery

Sr. Member
Posts: 332

Reply #1 on: Jun 29, 2018

Answer to Question 1

Market power is an imperfectly competitive firm's ability to raise price without losing all demand for its product.

Answer to Question 2

A

Lobcity

Hero Member
Posts: 524

Reply #2 on: Jun 29, 2018

Correct answers!

Kingjoffery

Sr. Member
Posts: 332

Reply #3 on: Jun 29, 2018

Great! Please up vote

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