Asked by
elliot kurtzer
on Nov 05, 2024
Verified
Which of the following is a major source of inefficiency?
A) market power
B) perfect competition
C) price taking
D) all of the above
Market Power
The ability of a firm or group of firms to influence the price of a product or the conditions of the market.
Inefficiency
The lack of economic efficiency, occurring when resources are not utilized optimally according to certain criteria.
- Understand the impact of market power and monopoly on efficiency and price-setting.
Verified Answer
JP
Learning Objectives
- Understand the impact of market power and monopoly on efficiency and price-setting.