What is the four-firm market share (C4) in this market?
a. 0.5
b. 0.6
c. 0.7
d. 0.8
Ans: c. 0.7
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A demand schedule is a:
A. table which shows the quantities of a particular good or service that consumers are willing to purchase at various prices. B. graph which shows the quantities of a particular good or service that consumers are willing to purchase at various prices. C. table which shows the quantities of a particular good or service that consumers are willing to purchase at various income levels. D. line which shows the quantities of a particular good or service that consumers are willing to purchase at various prices.
If nation A has an absolute advantage over nation B in the production of a product, this implies that
a. it requires fewer resources in A to produce the good than in B. b. the cost of producing the good in terms of some other good's production that must be sacrificed is lower in A than in B. c. nation B could not benefit by engaging in trade with A. d. nation A should acquire this product by trading with B. e. nation A could not benefit by engaging in trade with B.
Refer to the above supply and demand graph. In the graph, point A is the current equilibrium level of output of this product and point B is the optimal level of output from society's perspective. S is the supply curve without a tax and St is the supply curve with a tax. One solution to this externality problem is to:
A. tax producers by the amount DE. B. give producers a subsidy of the amount AB. C. give consumers a subsidy of the amount FG. D. tax consumers by the amount EF.
World commodity prices over the past 150 years have:
A. steadily decreased in both the short run and long run. B. decreased in the long run despite occasional short-run increases. C. remained constant in the long run despite occasional short-run fluctuations. D. steadily increased in both the short run and long run.