If a product such as cement or bricks is costly to ship and, therefore, markets are very localized, the national concentration ratio for that industry:
A. will be greater than 50 percent.
B. may understate the degree of monopoly.
C. may overstate the degree of monopoly.
D. will yield an accurate impression of the degree of monopoly.
Answer: B
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If a monopolist's marginal revenue is less than zero over a range of output, then price elasticity of demand must be: a. greater than one. b. equal to one
c. less than one. d. equal to zero.
If exports exceeded imports it would be called a trade __________.
Fill in the blank(s) with the appropriate word(s).
Since the late 1970s which of the following groups has become worse off?
a. Highly-skilled workers b. Technical workers c. Less-skilled workers d. Scientists and other workers who require a lot of education e. All types of workers
Explain why the equimarginal rule is a necessary condition for utility maximization.
What will be an ideal response?