Market Power Is Illegal

question 28

Multiple Choice

Market power is illegal.

• A) True, no one is allowed to charge a price greater than marginal cost.
• B) False.
• C) True, no one is allowed to charge a price greater than average cost.
• D) False, because market power guarantees price equal to average cost.

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Definitions:

Self-Efficacy

An individual's belief in their capacity to execute behaviors necessary to produce specific performance attainments.

Empowered

Given the authority or power to do something or make decisions; feeling self-empowered or confident in one's abilities.

Ingratiation

A psychological technique involving the use of deliberate flattery or friendliness by someone seeking to gain favor or approval from others.

Self-Promotion

The act of advocating for oneself to advance one's own interests, often in career advancement or within professional networks.