There are 6 firms in a market and the market shares of the firms are 40 percent, 30 percent, 10 percent, 8 percent, 7 percent, and 5 percent. The four-firm concentration ratio is equal to
A) 2738.
B) 2664.
C) 100.
D) 88.
D
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Macroeconomics is the study of individual economic markets
Indicate whether the statement is true or false
According to a study of the U.S. demand for alcoholic beverages, the price elasticity of demand for beer is -0.30. Which of the following could explain why the price elasticity of demand for beer is low?
A) More and more people are switching to wine and cocktails rather than beer. B) Beer is an inferior alcoholic beverage. C) There are only a few major suppliers of beer. D) The price of beer is relatively low and for many people it is a habit forming product.
Which of the following is true in long-run equilibrium for a firm in a monopolistic competitive industry?
A) The demand curve is tangent to marginal cost curve. B) The demand curve is tangent to average cost curve. C) The marginal cost curve is tangent to average cost curve. D) The demand curve is tangent to marginal revenue curve.
One feature of the new textbook market is that publishers face ________ fixed costs and ________ variable costs.
A. high; high B. low; low C. low; high D. high; low