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Under which of the following conditions is the supplier most able to influence or control buyers?
When there are few good substitutes for a supplier's product, the supplier has market power. As a result, the supplier is better able to control buyers and act as a price setter rather than a price taker.
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When does competition not become an even stronger force impacting the profitability of a firm?
This is not a factor that would cause market competitiveness to be even stronger.
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Price discrimination is accomplished most effectively in markets with which of the following characteristics?
When customers are distinct, a seller can charge different prices to different groups by justifying that the products they are buying are unique to that specific group. There is also less power from the perspective of the customer because they cannot join together as easily and bargain with the seller.
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Which type of unemployment is shown when individuals do not have the qualifications or skills necessary to fill available jobs?
Structural unemployment occurs when the jobs available do not match the skills of the unemployed individuals.
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Which of the following types of unemployment typically results from technological advances?
Cyclical results from declining DP and frictional is normal unemployment. Short term is a broad description not applicable here.
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Lagging indicators of the economy ____ economic activity where as leading indicators _____ economic activity.
While both indicators are necessary to assist in viewing the bigger picture of the economy as a whole, leading assist in taking action and lagging aid in understanding.
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