Referring back to the list of assumptions used in most economic modeling (RWM #1.2), the ability...
Referring back to the list of assumptions used in most economic modeling (RWM #1.2), the ability of a company to affect the overall level of market prices is called
a. Economy of scale
b. Market power
c. Joint production
d. Perfect competition
Homework Answers
Answer
Option b
b. Market power
It is the power to influence market prices.
Economics of scale means the firm has to decrease ATC over the market demand curve
A joint production is a production of a good makes production of one or more good as bi-product or coproducts
Perfect competition is an ideal type of market where no one can influence the price.
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