The four-firm concentration ratio for the cigarette market is 93%. This means that:
A. the four largest firms in the market produce 93% of the total market output.
B. the market is an oligopoly.
C. there is a high degree of concentration in the cigarette market.
D. All of these
Answer: D
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A recent study on enrollment at a liberal arts college concluded that demand elasticity is 0.65 . The administration is considering a tuition increase to help balance the budget. The revenue-maximizing decision is to
a. decrease tuition, which should boost enrollment enough to balance the budget. b. decrease tuition, which would bring in more revenue. c. leave tuition as is-an increase would not help balance the budget. d. increase tuition, which would generate more revenue.
Which of the following is an example of physical capital?
a. the available knowledge on how to make semiconductors b. a taxi-cab driver's knowledge of the fastest routes to take c. bulldozers, backhoes and other construction equipment d. All of the above are correct.
Government provides a nonexcludable public good that the public demands and can't seem to acquire through the market. This is government
A) acting as a transfer mechanism. B) being non-productive. C) engaging in rent-seeking activities. D) being productive. E) a and c
In 1964, President Johnson improved the economy by passing the ______.
a. Reagan tax cuts b. Kennedy tax cuts c. American Recovery and Reinvestment Act d. Supply-Side Laffer Curve