A monopoly would have a concentration ratio of
A. 1.
B. 4.
C. 100.
D. 1,000.
C. 100.
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An increasing federal budget deficit will ________ the federal government debt as this will ________ the total value of U.S. Treasury bonds outstanding
A) increase; increase B) increase; decrease C) not impact; not change D) not impact; be offset by
Suppose Country A collectively enjoys monopsony power in Good X. If Country A imposes a tariff on the imports of Good X, the world price of Good X will
A. remain unaffected. B. rise. C. become equal to the tariff-inclusive price in Country A. D. fall.
Both a perfectly competitive firm and a monopolist:
A. always earn an economic profit. B. maximize profit by setting marginal cost equal to marginal revenue. C. maximize profit by setting marginal cost equal to average total cost. D. are price takers.
Which of the following is an example of a normative economic statement?
A. Income tax rates should be lower because that will increase government revenue. B. Lower income tax rates yield a larger federal government deficit. C. The federal budget deficit has increased every year for the last twenty years. D. Lower income tax rates will generate greater income tax revenue to the government.