A concentration ratio measures
A. the average size of the firms in the industry.
B. the excess capacity found in a particular oligopolistic industry.
C. the share of industry sales accounted for by the largest firms in the industry.
D. the sales of the three largest firms in the industry minus the costs of these three largest firms in the industry.
Answer: C
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The reason we study the sequential labor negotiation game:
a. Is to show that these games usually go on for rounds and rounds b. Is to show the importance of the first mover being able to commit to an offer c. Is to show the importance of the second mover being able to commit to an offer d. Is to show the problems of prisoners dilemmas
In Perfect Competition in long run equilibrium:
a) The firm is productively efficient. b) The firm is allocatively inefficient. c) The firm is both productively efficient and allocatively efficient. d) The firm is productively inefficient.
Producing where marginal revenue equals marginal cost is equivalent to producing where
A) average total cost equals average revenue. B) average fixed cost is minimized. C) total revenue is equal to total cost. D) total profit is maximized.
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. If the price per cheeseburger is $6, the price will
A. remain constant because the market is in equilibrium. B. decrease because there is an excess supply in the market. C. increase because there is an excess demand in the market. D. decrease because there is an excess demand in the market.