A concentration ratio gives
A) the average size of the firms in an industry.
B) the total sales of four or eight of the mid-sized firms in the industry.
C) the percentage of all sales contributed by the four or eight largest firms in the industry.
D) the sales of the four largest firms in the industry divided by the sales of the eight largest firms in the industry.
C
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Moving along the aggregate expenditure (AE) curve, when real GDP increases, aggregate planned expenditures increase
A) by the same percentage as does real GDP. B) by more than real GDP. C) proportionately with real GDP. D) by the same amount as does real GDP. E) by less than real GDP.
We do not have reliable information on the time lags between expansionary fiscal and monetary policy actions and their effect on production and prices because
A) Congress has reduced the funds available to the Bureau of Economic Analysis. B) economists believe any discretionary policy would only make matters worse. C) economists have only recently discovered the importance of this problem. D) the length of the lags will depend in large part on how long they are thought to be.
On the modern Phillips curve, the initial impact of productivity improvements that lower the costs of production is shown by ________
A) an upward movement along the Phillips curve to a higher inflation rate B) an upward shift of the Phillips curve leading to higher inflation rates for any unemployment rate C) a downward shift of the Phillips curve leading to lower inflation rates for any unemployment rate D) a downward movement along the Phillips curve to higher unemployment rates E) none of the above
The optimal hiring rule is to employ labor up to the point where:
a. wage = MFC. b. wage = MP. c. wage = MR d. wage = MRP e. wage = TWC.