"The ability of one individual or group to control the actions of another individual or group without the latter's consent" is a definition of____________?
Correct answer: C. power
- A. coercion
- B. violence
- C. power
- D. force
Explanation
Power is the capacity to influence or control another person's or group's actions, even without that person's consent. Coercion and force are possible methods of exercising power, not the general concept itself.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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