The above table shows the market shares for all the landscaping services in a suburban area. The four-firm concentration ratio equals
A) 30 percent.
B) 60 percent.
C) 65 percent.
D) 100 percent.
C
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The U.S. trade deficit has been mainly caused by:
A. cheap labor in other countries. B. a low rate of national saving. C. unfair trade restrictions imposed by other countries on imports. D. production of inferior goods in the U.S.
Price discrimination:
A. is more successful if resale of the product is possible from one consumer to another. B. can be a successful strategy for any firm in a competitive market C. tends to decrease the profits of the firm. D. can benefit consumers with a lower willingness to pay when compared to other consumers in the market
Answer the following statement true (T) or false (F)
1) Allocative efficiency occurs where (for the last unit) maximum willingness to pay exceeds minimum acceptable price by the greatest amount. 2) Allocative efficiency occurs where the collective sum of consumer and producer surplus is at a maximum. 3) That government that has the smallest budget is the most efficient in the economic sense. 4) A demand curve for a public good is determined by summing horizontally the individual demand curves for the public good. 5) The optimal quantity of a public good occurs where the marginal benefit of the citizen who has the highest preference for the good just equals the good's marginal cost.
The main reason why one nation trades with another is to
A. save its natural resources from rapid depletion. B. exploit the advantages of specialization. C. eliminate the danger of retaliation from other nations. D. improve political alliances.