If the four-firm concentration ratio of an industry is
A) near 100, the industry is considered very competitive.
B) less than 40, the industry is considered an oligopoly.
C) over 40, the industry is considered monopolistic competition.
D) less than 40, the industry is considered monopolistic competition.
E) close to 0, the industry is considered a monopoly.
D
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A _____ is when no one outcome can defeat all others by majority rule
a. cyclical majority b. single-peaked preference c. political business cycle d. political institution
In an economy which produces two goods X and Y, using two inputs L and K, efficient input use occurs when
A) MRTSLKX = MRSLKY B) MRTXY = MRSXY C) MRSX/PX = MRSY/PY D) MRTSLKX = MRTSLKY
A(n) _____ perceives the demand for its own output as horizontal at the market price, so it can produce as much or as little as it wants without affecting that price
a. oligopolist b. monopsonist c. monopolist d. perfect competitor
The goal of "personalized pricing" is to determine how much each individual customer is willing to pay for a product. As such, it is an application of first-degree price discrimination
Indicate whether the statement is true or false