A concentrated industry has ________ that dominate a market.
A. a large number of firms
B. three or fewer firms
C. an infinite number of firms
D. a relatively small number of firms
Answer: D
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Which of these is an example of a negative network externality?
A) Bandwagon effect B) Pollution C) Snob effect D) Two-part tariff
Which of the following is an example of a permanent resource price differential?
a. When the price of oil increases, oil exploration increases. b. When the price of CDs falls, CD production decreases. c. When demand for land in a city increases, its price increases above prices of land elsewhere. d. When demand for computer programmers increased, more people went into that field. e. When the price of oil rose, demand for solar panels increased.
Explain how an increased federal budget deficit resulting from a recession can actually help stabilize an economy
What will be an ideal response?
In perfectly competitive markets with identical firms, the burden of a tax is shared by consumers and producers in the short run so long as market demand is not perfectly elastic.
Answer the following statement true (T) or false (F)