Suppose two industries had the same four-firm concentration ratio, but one industry was an unbalanced oligopoly and the other was balanced. The market share of the fourth largest firm in the unbalanced oligopoly will be
a. smaller or larger than the market share of the first largest firm in the unbalanced oligopoly
b. smaller than the market share of the fourth largest firm in the balanced oligopoly
c. larger than the market share of the first largest firm in the balanced oligopoly
d. more than 20 percent
e. the same as the fourth largest firm in the balanced oligopoly
B
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Which of the following would cause the demand for carpenters to increase?
a. a decrease in immigration b. an increase in the demand for housing c. an increase in the price of lumber d. a decrease in the productivity of carpenters
To increase the money supply, the Fed can ______.
a. raise reserve requirements b. lower the discount rate c. sell bonds d. increase the interest rate paid on reserves
Suppose two owners of a store agree to split the profit equally regardless of the number of hours each spends working at the store. As a result,
A) production efficiency is achieved. B) each enjoys only half the marginal benefit of an additional hour working in the store. C) one will work all of the time while the other works zero hours. D) each will work as many hours as if he or she were the sole owner.
Use a supply and demand diagram to show how health insurance causes an over allocation of resources to health care
