A four-firm concentration ratio measures
A) the fraction of an industry's sales accounted for by the four largest firms.
B) the production of any four firms in an industry.
C) how the four largest firms became so concentrated.
D) the fraction of employment of the four largest firms in an industry.
Answer: A
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If a good that generates negative externalities were priced to take these negative externalities into account, its
A. price would remain constant and output would increase. B. price would increase but its output would remain constant. C. price would increase, and its output would decrease. D. price would decrease, and its output would increase.
Bob goes to his favorite hot dog stand, which is offering one hot dog for $2.50 or two for $4.00. Bob’s marginal cost of a second hot dog is
A. $1.00. B. $2.00. C. $1.50. D. $2.50.
Suppose Good Food's supermarket raises the price of its steak and finds its total revenue from steak sales does not change. This is evidence that price elasticity of demand for steak is:
a. perfectly elastic. b. perfectly inelastic. c. unitary elastic. d. inelastic. e. elastic.
A monopolist faces a demand curve that is equal to:
a. the demand curve faced by perfectly competitive producers. b. the market demand curve. c. the monopolist's own marginal cost curve. d. the monopolist's own marginal revenue.