A given industry, Z, is such that the 1-firm, 2-firm, 4-firm and 8-firm concentration ratios are the same. Based on this, we can conclude that Industry Z is
A) pure competition.
B) monopolistic competition.
C) oligopoly.
D) pure monopoly.
D
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The above figures show the market for hamburger meat. Which figure(s) shows the effect of an increase in the number of people who eat hamburger meat?
A) Figure A B) Figure B C) Figure C D) Figures A and C
The fundamental source of monopoly power is
a. barriers to entry. b. profit. c. decreasing average total cost. d. a product without close substitutes.
Specialization and trade are beneficial to society because:
A. a division of labor lowers prices for products. B. scarce resources are utilized more efficiently. C. the output of economic goods may be increased with no increase in resources. D. All of these are correct.
Which of the following may be used in an attempt to correct market failure?
A. Government failure. B. Laissez faire price policies. C. Laws and regulations. D. The market mechanism.