In Which Industry or Sector of the Economy Is Output

question 132

Multiple Choice

In which industry or sector of the economy is output least likely to be affected by the business cycle?

• A)service industry
• B)automobile industry
• C)textile industry
• D)petroleum industry

---

Definitions:

Control Over Price

The ability of a person or entity to influence the market price of a product or service.

Individual Producer

A single entity or person that creates goods or provides services in an economy.

Market Power

Refers to the ability of a firm or group of firms to manipulate the price and output levels in the market to their advantage.

Supply

The total amount of a specific good or service available to consumers at a given price level.