What is a four-firm concentration ratio, and how is it used?
What will be an ideal response?
A four firm concentration ratio is the sum of the market shares of the four largest firms in an industry. It is a measure of market power.
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Refer to Figure 9-1. Under autarky, the producer surplus is
A) $40. B) $105. C) $195. D) $285.
The principal-agent view of Fed motivation predicts that the Fed acts
A) to promote the interests of the general public. B) to promote the interests of the Fed's principal—the President of the United States. C) in order to increase its power, influence, and prestige. D) in order to make sure its agents—commercial banks—carry out its wishes.
Countries that enjoy long distance flows of goods, capital, and services as well as information and perceptions that accompany market exchanges would be categorized under _____ globalization
a. ethical b. cultural c. social d. economic e. political
The supply curve of labor is upward sloping because the marginal revenue produced by labor is greater than one
Indicate whether the statement is true or false