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What does Barack Obama think about oil and gas prices?
I am sure he would like them to be lower. He has also said he would like the United States to be more energy independent as well as using more energy from wind and solar power. Unfortunately, while it is common to blame presidents for the high price of gas, whether under President Bush or President Obama, gas and oil prices often fluctuate, due to production overseas as well as economic conditions in world markets, high demand, oil-producing nations setting prices higher during periods of peak demand, etc.
What is the Monopoly market?
It is when only one company controls the supply in the market allowing them to control prices which may cause an increase prices for consumers. They will be forced to pay higher prices as there are no substitutes for the product. An example would be Microsoft operating in Europe.
How would an overall increase in per capita income most likely impact prices?
Prices would increase.
Why would workers and retirees want to have their wages and benefits indexed to the Consumer Price Index CPI?
To maintain their purchasing power during years of rising prices
What is administered price inflation?
when the government administers or subsidises prices of essential commoditites like rice, oil or even oil and electricity but the global prices are high, then it implies that these domestic prices would take some time to respond or adjust to global prices and in this process, the rate at which the prices respond would lead to inflation implying that it is transmitted through global prices.
