The value of the four-firm concentration ratio that many economists consider indicative of the existence of an oligopoly in a particular industry is
A) anything greater than 10 percent. B) anything greater than 40 percent.
C) anything greater than 30 percent. D) anything greater than 20 percent.
B
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Oil found in Alaska is an example of
A) physical capital. B) land or natural resource. C) human capital. D) labor.
One necessary condition for effective price discrimination is:
a. identical tastes among buyers. b. difference in the price elasticity of demand among buyers. c. a single, homogeneous market. d. two or more markets with easy resale of products between them.
Like the human body, an economy is made up of many small, specialized, interactive parts; like blood circulates in a human body, money circulates through an economy, providing necessary resources for both households and firms
Indicate whether the statement is true or false
If total cost at quantity = 0 is $100 and total cost at quantity = 10 is $500, then average variable cost at quantity = 10 is _____
a. $500 b. $400 c. $50 d. $40 e. $10