When firms have the power to restrict output, raise prices, stifle competition, and inhibit innovation the market failure involved is one: a. market power b. public goods c. inequities d. externalities

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Which of the following best describes the economic effect that results from the government having a budget surplus? a. consumers save more and spend less, enabling long-term financial planning. b. overall demand decreases, reducing the incentive for producers to increase production. c. banks have more deposits, enabling them to make more loans to investors. d. government spending increases, increasing competition for goods and services and driving prices up.

Rahm's credit card issuer calculates interest based on the outstanding balance at the end of the last billing period. what is this method of calculating interest on a credit card called?