The four-firm concentration ratio measures the:
A. percentage of total output in a market produced by the four largest firms.
B. elasticity of demand of the four largest firms in an industry.
C. average cost of the four largest firms in an industry.
D. number of firms in an industry.
Answer: A
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An open economy has ________ included in the GDP
A) unemployment B) net exports C) taxation factors D) salary increases
Advocates of the New Growth Theory claim that they have improved upon the neoclassical model by
a. focusing on the rate of investment, rather than the amount of investment b. adding population growth to the list of key variables c. assuming that knowledge obtained in one country would be easily available to those in othercountries d. making technological change a part of the model, rather than something brought in from theoutside e. none of the above
In the Romer model. as more labor is devoted to research and development ________
A) there is an immediate decrease in output per capita B) there is an immediate increase in output per capita C) output per capita is unaffected, but the savings rate begins to rise D) output per capita is unaffected, but the savings rate begins to fall
A general and ongoing rise in the prices of goods and services in an economy is called inflation
a. True b. False Indicate whether the statement is true or false