Characterizing a market involves
a. counting the number of demanders and measuring their quantity demanded
b. counting the number of suppliers and measuring their costs
c. equating the number of suppliers and the number of demanders
d. deciding which market best suits the problem being analyzed
e. deciding how to increase the degree of competition
D
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By 1914 the American economy had transformed into an agricultural giant
Indicate whether the statement is true or false
The Herfindahl-Hirschman Index is an approach to measuring market concentration by adding the ___________ of the market share of each firm in the industry.
a. average b. mean c. sum d. square
The federal income tax is an example of a
a. progressive tax. b. regressive tax. c. proportional tax. d. value-added tax.
The intensity of competition in a market can be ________ to inspire a business to undertake innovative activities.
A. too low B. too great or too low C. too great D. not low enough or not great enough