Market Power Guarantees Profit

question 139

Multiple Choice

Market power guarantees profit.

• A) True, which is why firm's locate as far away from each other as possible.
• B) False, market power guarantees price greater than marginal cost.
• C) True, market power guarantees price greater than average cost.
• D) False, market power guarantees price equal to average cost.

---

Definitions:

Responsibility

An obligation or duty to perform or complete a task with a level of care and competence.

Job Analysis

The systematic process of determining the skills, duties, and knowledge required for performing jobs in an organization.

Job Description

A formal document that outlines the duties, responsibilities, required qualifications, and reporting relationships of a particular job.

NOC

The National Occupational Classification, a standardized system that categorizes and describes every occupation in the Canadian economy.