The concentration ratio of industry is a measure relating to the proportion of the industry's total output that is produced by a small number of firms

a. True
b. False
Indicate whether the statement is true or false


True

Economics

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Economists widely agree that the Consumer Price Index (CPI) understates the true U.S. inflation rate

a. True b. False

Economics

Explain why the short-run aggregate supply curve has a positive slope.

What will be an ideal response?

Economics

The higher the concentration ratio, the

a. more control an individual firm has to set prices. b. more competitive the industry. c. less competitive the industry. d. Both a and c are correct.

Economics

A central bank pledges to reduce the inflation rate from 20% to 5%. People reduce their inflation expectations to 10%, but the central bank only reduces inflation to 15%. What happens to the unemployment rate?

Economics