The higher the concentration ratio, the
a. more control an individual firm has to set prices.
b. more competitive the industry.
c. less competitive the industry.
d. Both a and c are correct.
d
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Refer to Table 21.1. What is the median income on Richlandia?
A) $40,000 B) $69,000 C) $75,000 D) $85,000
When the government runs a budget deficit, we would expect to see that
A) public saving is positive. B) private saving will fall. C) G + TR < T. D) investment will fall.
Ceteris paribus, explain why it is that when a lower ceiling price is imposed below equilibrium price, a greater deadweight loss results
Identify the Marginal External Benefit (MEB) function, and briefly explain what this function is measuring.
Suppose you are a public official responsible for setting a retail disposal charge on antifreeze. Estimated marginal benefit and cost functions for antifreeze are as follows: MPB = 10.0 – 0.5Q MPC = MSC = 1.0 + 0.4Q MSB = 10.0 –1.1Q, whereMPB, MSB, and MPC are measured in dollars per gallon, and Q is in millions of gallons.