The major economic issue during the Great Depression of the 1930s that concerned John Maynard Keynes was:
A. Rising interest rates
B. Large trade deficits
C. Unemployment
D. Hyperinflation
C. Unemployment
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If an industry has 25 firms that collectively have $150 million in total sales and the top four firms in this industry account for $90 million in sales, what is the concentration ratio of the top four firms in this industry?
A) 42 percent B) 60 percent C) 70 percent D) 80 percent
More and more firms use ____ to determine prices
A) market research. B) competitive comparisons. C) internet auctions. D) games.
When the market for a good is in equilibrium,
a. consumer surplus will equal producer surplus. b. the total value created for consumers will equal the total cost of production for business firms. c. all units valued more highly than the opportunity cost of production will be supplied. d. all units that have value will be produced, regardless of their cost of production.
The marginal revenue curve for a perfectly competitive firm will be downward sloping.
Answer the following statement true (T) or false (F)