A franchisee works than a salaried manager of company store because
a. Less, he doesn't get to keep the additional profits he generates
b. Harder, he gets to keep the additional profits he generates
c. Lesser, he is generally lazy
d. Harder, he doesn't get to keep the additional profits he generates
Ans: b. Harder, he gets to keep the additional profits he generates
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All of the following are examples of a nondurable good except
a. a pencil. b. one gallon of gasoline. c. a queen-size bed. d. a pair of shoes.
________ is a market structure in which a large number of firms compete vigorously with each other in producing and selling different varieties of a basic product.
A. Monopolistic competition B. Perfect competition C. Monopoly D. Oligopoly
In order to derive a market demand curve from individuals' demand curves, we add up the:
A. Various individuals' quantities demanded at each price level B. Various prices that each buyer is willing and able to pay C. Incomes of all buyers, assuming that their tastes remain constant D. Total number of buyers in the market at each time period
If industry sales are $1,000, and the top four firms have sales of $500, $200, $100, and $50, respectively, what will be the four-firm concentration ratio?
A) 95 percent B) 85 percent C) 70 percent D) 100 percent