The concentration ratio is the percentage of ___ earned by the ___ largest firms in the industry.
A. sales; four
B. sales; ten
C. profits; four
D. profits; ten
A. sales; four
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If the quantity of sunglasses supplied is represented by the supply equation QS = -60 + 4P, then to solve for the price of sunglasses, the equation would be rewritten as
A) P = 15QS + 240. B) P = 0.25QS + 15. C) P = QS - 7.5. D) P = 12 - 0.4QS.
The Fed's open market operations normally involve only the purchase of government securities, particularly those that are short-term. However, during the crisis, the Fed started new programs to purchase
A) mortgage-backed securities and long-term Treasuries. B) mortgage-backed securities and Treasury bills. C) commercial papers and short-term Treasuries. D) Treasury bills and Treasury notes.
On a 100-acre farm, a farmer is able to produce 3,000 bushels of wheat when he hires 2 workers. He is able to produce 4,400 bushels of wheat when he hires 3 workers. Which of the following possibilities is consistent with the property of diminishing marginal product?
a. The farmer is able to produce 5,600 bushels of wheat when he hires 4 workers. b. The farmer is able to produce 5,800 bushels of wheat when he hires 4 workers. c. The farmer is able to produce 6,000 bushels of wheat when he hires 4 workers. d. Any of the above could be correct.
Explain the marginal principle.
What will be an ideal response?