The industry concentration ratio measures the
A) value of the assets owned by the largest corporations in the market.
B) percentage of industry sales accounted for by the top four or eight firms.
C) difference between price and marginal cost for the largest firms in the industry.
D) degree of product differentiation in the market.
Answer: B
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The United States has approximately
a. 80,000 businesses. b. 5.1 million businesses. c. 12.5 million businesses. d. 28.million businesses.
One problem associated with a monopoly firm is that it
A) produces too little output but also charges a low price. B) produces too much output and charges too low a price. C) restricts output and charges a relatively higher price than a purely competitive firm. D) is just as good as a purely competitive firm in terms of output and price.
Typically in countries with lower levels of real GDP person, a smaller percentage of the population is literate
a. True b. False Indicate whether the statement is true or false
When government expenditures exceed revenues there is a government budget deficit.
a. true b. false