In April 2010 the market share of the top six U.S. makers of cars and light trucks were General Motors (18.7%), Ford (17.0%), Toyota (16.0%), Honda (11.6%), Chrysler (9.7%), Nissan (6.5%) and other companies (21.5%). What would the concentration ratio be for the motor vehicle industry?
A. 35.7
B. 63.3
C. 78.5
D. 100
B. 63.3
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What will be an ideal response?
Refer to Figure 4-6. At the price P2, consumers are willing to buy the Q2 pounds of granola. Is this an economically efficient quantity?
A) Yes, otherwise consumers would not buy Q2 units. B) Yes, because the price P2 shows what consumers are willing to pay for the product. C) No, the marginal benefit of the last unit (Q2 ) exceeds the marginal cost of that last unit. D) No, the marginal cost of the last unit (Q2 ) exceeds the marginal benefit of the last unit.
Suppose twenty neighbors share a park. One of the neighbors, Al, leaves trash in the park. This bothers the other neighbors. According to Coase's Theorem, assigning the property rights to the park to Al
A) will achieve the socially optimal quantity of trash. B) will result in zero trash being dumped in the park. C) might still not achieve the social optimum since coordinating the other nineteen neighbors can be costly. D) is unfair.
Product-specific services are often ________, but if they create value for the consumer, they ________ the retail demand.
A) inexpensive; increase B) inexpensive; decrease C) costly; decrease D) costly; increase