A four-firm concentration ratio measures
A) the price elasticity of demand in an industry.
B) the price elasticity of demand among the four largest firms in an industry.
C) the extent to which industry sales are concentrated among the four largest firms in the industry.
D) the number of firms in an industry.
C
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Suppose the price elasticity of teenagers' demand for cigarettes is 2.0. If the government imposes a tax on cigarettes that raises the price by 10 percent, by how much will it reduce teenaged smoking?
A) by 5 percent B) by 10 percent C) by 15 percent D) by 20 percent
Refer to Figure 19-12. The graph above, depicts supply and demand for U.S. dollars during a trading day. At a fixed exchange rate of 0.30 pounds per dollar, the dollar is ________ versus the pound
A ________ of the dollar would correct the fundamental disequilibrium that exists in this market. A) overvalued; revaluation B) overvalued; devaluation C) undervalued; devaluation D) undervalued; revaluation
Which of the following Fed actions increases the money supply?
A. Increasing reserve requirements B. Selling government securities in the open market C. Decreasing the amount of loans made to commercial banks D. Buying government securities in the open market
According to the random walk theory
A) the probability that a stock's price will increase tomorrow is greater if it increased today. B) the probability that a stock's price will increase tomorrow is greater if it decreased today. C) the best forecast of tomorrow's price is today's price. D) the best forecast of tomorrow's price is found by determining the trend for the last five trading days.