As foreign imports become a greater percentage of sales in oligopolized industries, the concentration ratio
A. becomes more accurate as a measure of concentration.
B. becomes less accurate as a measure of concentration.
C. continues at the same level of accuracy.
B. becomes less accurate as a measure of concentration.
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Price ceilings, such as rent ceilings, set below the equilibrium price
A) increase producer surplus. B) decrease producer surplus. C) do not affect producer surplus. D) might increase or decrease producer surplus.
Placing restrictions on business opportunities through government licensing and other controls
(a) is not allowed now and never has been in American history. (b) is not allowed now but was provided for by the Constitution and allowed until the 20th century. (c) is allowed now but was not allowed during the colonial period nor in the decades immediately following the establishment of the new nation. (d) has always been allowed in American history.
The slowdown in the growth of real wages in the United States since 1973 is consistent with a concurrent:
A. slowdown in productivity gains. B. slowdown in immigration into the country. C. speedup in the rate of inflation. D. slowdown in the growth of the working age population.
In the graph above
A. D1 is more inelastic than D2. B. D2 is more inelastic than D1. C. D1 and D2 have the same elasticity. D. There is no way to tell whether D1 or D2 is more elastic.