A concentration ratio gives
A. the sales of the four largest firms in the industry divided by the sales of the eight largest firms in the industry.
B. the percentage of all sales contributed by the four or eight largest firms in the industry.
C. the total sales of four or eight of the mid-sized firms in the industry.
D. the average size of the firms in an industry.
Answer: B
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Since the end of World War II,
A) tariffs around the world fell substantially. B) agricultural subsidies were significantly reduced. C) most nations began to apply tariffs uniformly across all industries. D) tariffs increased in low-income countries and fell a small percentage in high-income countries.
Which of the following is an example of explicit costs of production on a dairy farm?
a. payments made for cattle feed and veterinary services b. payments received from customers for milk and cheese c. amounts lost by not leasing out the farm’s grazing fields d. the salary the farmer could have earned working in town instead
Near an ocean beach, a high-rise building is being constructed that will block the scenic view of the ocean by the residents of a low-rise building. The Coase theorem suggests that this type of dispute between the owners of high-rise and low-rise buildings would best be resolved by:
A. city government officials. B. a government fine for the builder of the high-rise. C. a zoning ordinance restricting high-rise buildings. D. the owners themselves.
The change in people's purchasing power that occurs when the price of a good they purchase changes, assuming all else is held constant is known as
A. the multiplier effect. B. the elasticity effect. C. the substitution effect. D. the real income effect.