a schedule or curve showing the relationship between the price level index and the amount output produced in the economy
What will be an ideal response?
aggregate supply
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Suppose an industry is made up of 25 firms, all with equal market share. The four-firm concentration ratio of this industry is
A) 16%. B) 20%. C) 25%. D) It cannot be determined from the information given.
In the small country of Talisman, the liquor industry is monopolized by a single producer Best Drinks Inc Best Drinks charges high-end customers like 5-star hotels a much higher price than it charges local pubs. This discrimination is possible only if:
a. price discrimination is legal in Talisman. b. we assume Best Drinks can prevent pub owners from buying liquor and selling it to 5-star hotels. c. consumers in Talisman have similar price elasticities of demand for liquor. d. we assume Best Drinks is a natural monopoly.
Is basic research excludable? Is it rival in consumption? How do we classify basic research in terms of the four types of goods?
The market demand curve is simply the vertical sum of the individual demand curves for all consumers in the market
Indicate whether the statement is true or false