Oligopolistic firms are the only ones that consider their rivals' actions when making decisions about output and price
a. True
b. False
A
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If the 4 largest cereal companies' total sales are $19 billion, and the industry's total sales are $55 billion then the Four-Firm Concentration Ratio is
A. 34.55%. B. 2.89%. C. 28.95%. D. 0.35%.
The term used to describe a situation in which markets do not allocate resources efficiently is
a. economic meltdown. b. market failure. c. equilibrium. d. the effect of the invisible hand.
The unemployment rate is the number of people classified as unemployed as a percentage of
A. the labor force. B. the healthy, not institutionalized population between the ages of 16 and 65. C. the population over the age of 16. D. the civilian population over the age of 16 who are actively employed.
The demand curve facing a monopolist is:
a. downward-sloping, unlike the horizontal demand curve facing a perfectly competitive firm. b. horizontal, the same as that facing a perfectly competitive firm. c. upward-sloping, the same as that facing a perfectly competitive firm. d. downward-sloping, the same as that facing a perfectly competitive firm.