Suppose each of the 50 states had only one gasoline station, and all stations were the same size. The four-firm concentration ratio a consumer would experience is:
A. 0.08.
B. 0.32.
C. 0.16.
D. 1.0.
Answer: D
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What will be an ideal response?
By 1910 the top ten industries included printing, malt liquors, tobacco cars and railroad cars. The introduction of these new top ten industries indicated
(a) a shift in consumer preferences toward luxury items. (b) an increase in real incomes in the U.S., permitting people to purchase luxury items. (c) a smaller percentage of total consumption expenditures on essential food, clothing and shelter. (d) all of the above.
Suppose the economy has a recessionary gap. By using an expansionary monetary policy, the Fed can
A) raise real GDP without increasing the price level. B) raise real GDP and the price level. C) raise real GDP and decrease the price level. D) raise the price level alone, but cannot increase real GDP.
The four sources of income for the household are
a. taxes, subsidies, imports, interest b. taxes, interest, rent, rebates c. interest, rebates, rent, taxes d. wages, taxes, imports, interest e. wages, rent, interest, profits