These are the shares of the seven firms in Macland’s sweater industry. Sally’s Sweaters: 26%, Jack’s Sweaters: 12%, Mira’s Sweaters: 2%, Nils’ Sweaters: 8%, Hans’ Sweaters: 3%, Pedro’s Sweaters: 7%, Jules’ Sweaters 2%. What is the four-firm concentration ratio?
a. 60%
b. 4%
c. 53%
d. 48%
c. 53%
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Which one of the following labor resources will likely have the most inelastic supply schedule in the short run?
a. filling station attendants b. sales clerks c. construction laborers d. dentists
The opportunity cost of constructing a new public highway is the:
A. Money cost of hiring contractors and construction workers for the new highway B. Value of other goods and services that are sacrificed in order to construct the new highway C. Expected cost of constructing the new highway in a future year D. Value of shorter driving times and distances when the new highway is completed
How is the Federal funds rate established? What role does the Federal Reserve play?
What will be an ideal response?