Definition of a price maker is a firm with some power

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Q1. The definition of a price maker is a "firm with some power to set the price because the demand curve for its output slopes downward", which in effect, means those firms with a downward sloping demand curve have some market power.

Q2. Consider the subsequent statements:

a. More people are employed in Tappania now than at any time in the past 50 years
b. The unemployment rate in Tappania is higher now than it has been in 50 years.

Can both of those statements be true at the similar time? Explicate.

Reference no: EM1313734

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