A four-firm concentration ratio measures
A) the extent to which industry sales are concentrated among the four largest firms in the industry.
B) the price elasticity of demand among the four largest firms in an industry.
C) the number of firms in an industry.
D) the price elasticity of demand in an industry.
Answer: A
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In what ways can economists help auto manufacturers estimate the marginal rate of substitution between features such as vehicle interior size and acceleration?
A) Examining production cost data B) Conducting consumer surveys about willingness to pay for auto features C) Solving the standard consumer model D) Statistically analyzing historical data on purchases of different types of autos E) B and D only
John and Mary work at a bakery. John can decorate either 10 ice-cream cakes or 4 wedding cakes; Mary can decorate either 8 ice-cream cakes or 2 wedding cakes. According to this scenario
A) the opportunity cost of decorating a wedding cake for Mary is 4 ice-cream cakes. B) the opportunity cost of decorating a wedding cake for Mary is 1/4 ice-cream cake. C) the opportunity cost of decorating a wedding cake for Mary is 2 1/2 ice-cream cakes. D) the opportunity cost of decorating a wedding cake for Mary is 2/5 ice-cream cake.
A price taker is a buyer or seller who:
A. cannot affect the market price. B. takes the market price and chooses to increase or decrease it. C. takes prices in the area and averages them together to set the price for his/her good. D. can affect the market price, but only when collaborating with other buyers or sellers.
Answer the question on the basis of the following national income data. All figures are in billions of dollars. Personal Taxes 23 Net Private Domestic Investment 33 Net Exports 6 National Income 278 US Exports 20 Gross Private Domestic Investment 56 Disposable Income 220 Taxes on Production and Imports 32 Undistributed Corporate Profits 15 Proprietor's Income 45 Net Foreign Factors Income 0 Statistical Discrepancy 0 Refer to the above data. Personal consumption expenditures:
a) cannot be calculated. b) are $231. c) are $225. d) are $205.