Which of the following four-firm concentration ratios would be the best indication of a perfectly competitive industry?
A) 2 percent
B) 31 percent
C) 78 percent
D) 100 percent
E) 50 percent
A
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Betsy's utility depending from her consumption of coffee is shown in the table above. Betsy's marginal utility from the 3rd cup of coffee per day is
A) 30. B) 85. C) 90. D) 10.
Refer to Figure 4-3. What is the total amount that Kendra is willing to pay for 2 ice cream cones?
A) $1.50 B) $3.00 C) $5.50 D) $6.50
Answer the following statement true (T) or false (F)
1) The marginal revenue product curve of a purely competitive seller declines solely because of the law of diminishing returns. 2) Producers should hire resources until the total output of each is equal. 3) It will be profitable for a firm to hire additional units of any resource up to the point at which its MRP is equal to its MRC. 4) The more elastic the demand for a product, the less elastic will be the demand for the resources employed in producing it.
In May 1991, the FDIC announced that it would sell the government's final 26% stake in Continental Illinois, ending government ownership of the bank that it had rescued in 1984
The FDIC took control of the bank, rather than liquidate it, because it believed that Continental Illinois A) was a good investment opportunity for the government. B) could be the Chicago branch of a new governmentally-owned interstate banking system. C) was too big to fail. D) would become the center of the new midwest region central bank system.