The four-firm concentration ratio is the percentage of ________ accounted for by the four largest firms in an industry
A) profit
B) supply
C) total revenue
D) total cost
E) marginal cost
C
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Refer to Game Matrix V. Which of the following values of X and Y result in the only Nash Equilibrium being (Yes, Yes)?
Game Matrix V
The following questions refer to the game matrix below. Each firm has a choice of saying Yes or NO. The profits each gets depend upon which it chooses.
a. X = 21, Y = 9.
b. X = 19, Y = 11.
c. X = 21, Y = 11.
d. It is not possible for (Yes, Yes) to be a Nash Equilibrium.
Suppose that your neighbor smokes in his yard. You can smell his cigarette smoke from inside your house, and you dislike the smell. Which of the following statements is correct?
A. There is no efficient solution to this problem. B. If it is difficult for you and your neighbor to negotiate with each other, then you may not be able to arrive at an efficient solution to this problem. C. Since your neighbor has the legal right to smoke in his yard, you will not be able to arrive at an efficient solution to this problem. D. It not socially optimal for your neighbor to smoke in his yard.
Which of the following is an example of an implicit cost for a firm?
A. the value of time worked by the owner. B. any wages and salaries paid to employed. C. forgone rent on property owned by firm. D. both a and c E. all of the above
Labor demand is more elastic
A. the greater is labor's share in total costs. B. the greater is the elasticity of substitution between labor and capital. C. the greater is the supply elasticity of capital. D. the greater is the elasticity of demand for the firm's output. E. All of the statements are correct.