A low four-firm concentration ratio suggests that an industry ______.
a. is monopolistic
b. is oligopolist
c. has few sellers
d. has many sellers
d. has many sellers
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Monopolistic competition differs from ________
A. monopoly because firms cannot set their own price B. oligopoly because firms produce differentiated goods or services C. perfect competition because the goods or services produced are diffe-rentiated D. monopoly because the good produced by each firm has no close subs-titute
If income rises, most consumers will increase the quantity demanded of an inferior good
a. True b. False Indicate whether the statement is true or false
Assume that a 4 percent increase in income across the economy produces an 8 percent increase in the quantity demanded of good X. The coefficient of income elasticity of demand is:
A. negative and therefore X is an inferior good. B. negative and therefore X is a normal good. C. positive and therefore X is an inferior good. D. positive and therefore X is a normal good.
An example of a good that is nonrival in consumption is:
A. a campsite at Yellowstone National Park. B. a ticket to an Omnimax movie at the Smithsonian. C. the Lincoln Memorial in Washington, D.C. D. All of these are nonrival in consumption.