The ________ helps illustrate the competitive forces that determine the level of competition and profitability in an industry.
A. concentration ratio
B. Five Forces Model
C. Cournot Model
D. Contestable Market Model
Answer: B
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When an industry supply curve increases enough to erase economic profits,
a. weaker firms exit the industry b. quantity demanded decreases, but only slightly c. all firms in the industry incur economic losses d. entry of new firms and expansion of existing firms stop e. marginal revenue increases
Payroll tax is a proportional tax
a. True b. False Indicate whether the statement is true or false
Garrett Hardin, author of the original article on the tragedy of the commons in 1968, argued then that solving environmental problems would
a. rely on quotas and trade agreements. b. redefine international security. c. require a strong international government. d. primarily require the cooperation of a few superpowers.
Samuelson and Solow reasoned that when aggregate demand was low, unemployment was
a. high, so there was upward pressure on wages and prices. b. high, so there was downward pressure on wages and prices. c. low, so there was upward pressure on wages and prices. d. low, so there was downward pressure on wages and prices.