The table above lists the market shares of the twenty makers of personal computers. The four-firm concentration ratio tells us that
A) the four largest firms have 20 percent of the market.
B) there are no barriers to entry in this market.
C) the firms sell differentiated products.
D) all firms sell identical products.
A
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Governments can increase the consumption of a product that helps in reducing negative externalities by
A) subsidizing the purchase of the product. B) taxing the consumption of the product. C) assigning property rights to the producer of the product. D) taxing the production of the product.
Refer to Figure a. Charlie and Joe both want to ride shotgun with their mother, so they play a game of rock-paper-scissors to determine who gets to sit in the front seat. In the table, -1 represents a loss, 1 a win and 0 a tie, and Joe's payoff is shown in the upper left-hand corner of each cell, while Charlie's appears in the lower right-hand corner. If Joe knows Charlie thinks he always throws scissors, what is Joe's best response?
A. Rock
B. Paper
C. Scissors
D. The answer cannot be determined from the information given.
Gold and silver have historically been the most common form of commodity money
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT a characteristic of a linear demand curve?
A. It has a constant elasticity. B. A higher price makes the demand more elastic. C. It has a constant slope. D. The midpoint of the demand curve is unit elastic.