Market share is the percentage of total
A. Market output produced by the four largest firms in an industry.
B. Industry profit earned by a single firm.
C. Market output produced by a single firm.
D. Market output produced by the largest firm in an industry.
Answer: C
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Normative economics involves
A) a statement of fact. B) a statement of "what should be." C) a statement of "what is." D) a statement that is purely descriptive.
A rightward shift in the aggregate demand curve can be caused by an increase in:
a. the price level. b. business investment spending. c. taxes. d. production costs.
Infant mortality rates in developing countries:
A. are substantially lower than in developed countries. B. cannot be computed because the data are not available. C. are substantially higher than in developed countries. D. are about the same as in developed countries.
Is the conflict between a lender to a firm and the borrower/owner an example of adverse selection or moral hazard? Explain.
What will be an ideal response?