If there are 40 firms in a monopolistic competitive industry, the oldest (or first) firm will have ___________ market share to qualify as the oldest (or first) firm
a. no less than 50 percent
b. no less than 10 percent
c. no more than 5 percent
d. no more than 1 percent
e. there is no specific percentage
E
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One thing that distinguishes normative economic principles from positive economic principles is that:
A. normative principles are pessimistic and positive principles are optimistic. B. normative principles tell us how people should behave, and positive principles tell us how people will behave. C. normative principles tell us how people will behave, and positive principles tell us how people should behave. D. normative principles reflect social norms, and positive principles reflect universal truths.
Refer to Figure 8.1. If each player cooperated with one another, each player would find themselves ________ better off than they are by playing their dominant strategies
A) $0 B) $280 C) $490 D) $560
The government has used the Sherman Act to break up monopolies in which of the following industries?
A. Tobacco B. Fishing C. Trucking D. Coal
Proprietary technology is knowledge that is
a. known but no longer used much. b. known, but only recently discovered. c. known mostly by only those in a certain profession. d. known only by the company that discovered it.