Refer to the above table. The four-firm concentration ratio is
A) 86.5 percent.
B) 33.3 percent.
C) 13.3 percent.
D) 11.6 percent.
A
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For a perfectly competitive firm, the shutdown point is the
A) amount of output at which price equals minimum average variable cost. B) amount of output at which price equals minimum average total cost. C) price at which economic profit is zero. D) price at which total opportunity cost is zero.
How many Federal Reserve Banks are there?
A) 7 B) 12 C) 15 D) 5500 (approximately)
Situation 4-1 During the winter of 1973-74, a general system of wage and price controls (including a price ceiling on gasoline) was in force in the United States. At the beginning of 1974, some oil-producing countries imposed an oil embargo (a legal prohibition on commerce) on the West. In the spring of 1974, price controls were abolished. Refer to Situation 4-1. If no price controls had been in
place, the effect of the oil embargo on the equilibrium price and quantity of gasoline would have been A) an increase in both price and quantity. B) an increase in price and a decrease in quantity. C) a decrease in price and an increase in quantity. D) a decrease in both price and quantity.
In Latin America, countries like Brazil and Mexico have found it necessary to grant their central banks more independence in order to
A. maintain higher levels of political stability. B. promote economic growth and employment. C. counteract high rates of inflation. D. deal with the consequences of globalization.