If the four-firm concentration ratio for the market for pizza is 28 percent, then this industry is best characterized as
A) a monopoly.
B) monopolistic competition.
C) an oligopoly.
D) perfect competition.
E) oligopolistic competition.
B
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If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded
A) will increase by 5 percent. B) will decrease by 5 percent. C) will increase by 45 percent. D) will decrease by 45 percent.
We could increase the production of both heart transplants and round-the-world trips if we moved to point T from point
A. P.
B. Q.
C. R.
D. S.
The factory conditions of 19th century England that Karl Marx described may be found in his book, _______.
Fill in the blank(s) with the appropriate word(s).
Instead of taking the dirty laundry with you when you go back to visit your parents, you use a Laundromat. Your use of the Laundromat means that
A) GDP will remain the same. B) GDP will decrease and the country's standard of living will fall. C) what you paid for use of the Laundromat will be included in GDP. D) real GDP does not change because the clothes are still being laundered but nominal GDP rises since you are now paying for the service. E) your parents' contribution to GDP will increase.