Suppose that there are two industries, A and B. There are five firms in industry A with sales at $5 million, $2 million, $1 million, $1 million, and $1 million, respectively. There are four firms in industry B with equal sales of $2.5 million for each firm. The four-firm concentration ratio for industry B is:
A. 0.8.
B. 0.7.
C. 0.9.
D. 1.0.
Answer: D
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Everything else held constant, a decrease in net taxes ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
Monica grows coconuts and catches fish. Last year she harvested 1500 coconuts and 600 fish. She values one fish as having a worth of three coconuts
She gave Rachel 300 coconuts and 100 fish for helping her to harvest coconuts and catch fish, all of which were consumed by Rachel. In terms of fish, Monica's income would equal A) 700 fish. B) 900 fish. C) 1100 fish. D) 2700 fish.
Use the above figure. A leftward shift of the supply curve, ceteris paribus, would result in
A) euro depreciation. B) dollar appreciation. C) dollar depreciation. D) increasing the equilibrium quantity of euros.
Just before class, Jim tells Stuart, "Stuart, you shouldn't skip class today because you have paid tuition to enroll in the class." Stuart ignores Jim's advice, and instead makes the decision of whether to attend based on the importance to his grade that he feels he'd be missing that day in class relative to his value of the extra time he could have to finish the video game he is playing. To an
economist, Stuart is: a. using marginal analysis. b. ignoring the total value of attending class. c. ignoring the concept of opportunity cost. d. irresponsible.