The "Discount Department Stores" industry is highly concentrated. What does this mean?
A) The sales volume in this industry is consistently high.
B) There are many large stores such as Wal-Mart, Target, Kohl's, in this industry.
C) A few large stores account for a significant portion of industry sales.
D) There is cut-throat competition in this industry because there are no entry barriers.
C
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Assume Congress passes a new tax of $2.00 per pack on cigarettes. The effect on the supply curve is a(n):
a. decrease in supply. b. increase in supply. c. decrease in quantity supplied. d. increase in quantity supplied.
Fiscal policy is:
A. government decisions about the level of taxation and public spending. B. congressional budget office decisions. C. the decisions that affect the available money supply in the economy. D. government decisions about the level of the interest rate in the economy.
In the long run, the price charged by a monopolistic competitor will: a. equal marginal cost
b. equal average total cost. c. equal marginal revenue. d. be characterized by both b. and c.
Can a production function with two factors exhibit increasing returns to scale while at the same time have diminishing returns to each factor?
What will be an ideal response?