Suppose the four-firm concentration ratio for an industry is 10 percent. This value indicates ________. If the four-firm concentration ratio for another industry is 95 percent, this value indicates ________
A) the industry is competitive; the industry has very little competition
B) the industry has very little competition; the industry is very competitive
C) the industry has firms worldwide; the industry is concentrated in one country
D) the HHI will be high; the HHI will be low
A
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The terms of trade can take on any value
A. below the seller's opportunity cost and above the buyer's opportunity cost. B. above the seller's opportunity cost. C. below the seller's opportunity cost and below the buyer's opportunity cost. D. above the seller's opportunity cost and below the buyer's opportunity cost.
When the value of operating authority fell to zero after trucking deregulation, that was a sign that deregulation would not work well
Indicate whether the statement is true or false
An example of moral hazard is
a. A taxi driver paid per mile taking the shortest route b. a piece-rate garment worker shirking less than a per jour worker c. an hourly salesman working harder than a commission salesman d. an author on contract going to as many book signings as one with a percentage royalty rate
The equilibrium purchase price of an acre of land depends upon the current value of the marginal product of land and upon the __________
Fill in the blank(s) with correct word