An industry is deemed concentrated when ________
A) each firm in that industry has a small market share
B) all the firms in that industry charge a price lower than the average cost of production
C) most of the firms in that industry earn zero economic profits in the long run
D) a few firms account for a large fraction of total sales in that industry
D
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The basic idea behind the 1996 changes in the welfare program was to
a. eliminate poverty in the United States b. eliminate the idea that welfare was an entitlement c. create a new class of workers in the United States d. eliminate the food stamp program e. provide the poor with jobs
The income tax requires that taxpayers pay 10percent on the first $40,000 of income and 20 percent on all income over $40,000 . Emily paid $9,000 in taxes. What were her marginal and average tax rates?
a. 20 percent and 13.8 percent, respectively b. 20 percent and 15 percent, respectively c. 10 percent and 13.8 percent respectively d. 10 percent and 15 percent respectively
Many countries in sub-Saharan Africa have very low labor productivities in many sectors, for example in manufacturing and agriculture
They often despair of even trying to attempt to build their industries unless it is done in an autarkic context, behind protectionist walls because they do not believe they can compete with more productive industries abroad. Discuss this issue in the context of the Ricardian model of comparative advantage.
Explain why the average cost curve for the long run differs from that for the short run