The share of industry output accounted for by the top firms in an industry is the industry's concentration ratio.
Answer the following statement true (T) or false (F)
True
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When the income-consumption curve has a positive slope throughout its entire length, we can conclude that
A) both goods are inferior. B) both goods are normal. C) the good on the vertical (y) axis is inferior. D) the good on the horizontal (x) axis is inferior.
At a given price, a surplus occurs when
a. the quantity demanded is more than the quantity supplied. b. the quantity demanded is the same as the quantity supplied. c. the quantity supplied is less than the quantity demanded. d. the quantity supplied is greater than the quantity demanded.
The most efficient way to get firms to reduce pollution is to
A. provide firms and consumers with the information about the effects of their actions and encourage them to behave responsibly. B. make them pay for the social costs of production and let them decide how to respond to the higher costs. C. make the worst polluters shut down and go out of business. D. set uniform emission standards and require all firms to meet the standards.
Refer to the diagram, which shows demand and supply conditions in the competitive market for product X. If the initial demand and supply curves are D 0 and S 0 , equilibrium price and quantity will be:
A. 0F and 0C, respectively.
B. 0G and 0B, respectively.
C. 0F and 0A, respectively.
D. 0E and 0B, respectively.