An industry with a concentration ratio of 60 would have at least ____ firms.
A. 2
B. 4
C. 5
D. 7
D. 7
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Contractionary monetary policy increases the federal funds rate
Indicate whether the statement is true or false
Which of the following will cause a movement upward along a supply curve?
a. Increases in raw-material costs. b. Increases in labor costs. c. Increases in the cost of machinery. d. Increases in the market price of a good, other things being equal.
If the demand curve for a commodity faced by sellers is highly elastic, buyers have greater ability to substitute away from it
Indicate whether the statement is true or false
The countries with the lowest output per capita
A) are rich with human capital, but have little physical capital. B) are rich with physical capital, but have little human capital. C) are poor in both human and physical capital. D) have low living standards in spite of relatively high levels of both human and physical capital. E) may or may not be poor in human capital, depending on whether the exchange rate or purchasing power parity method is used for comparison.