Based on the table below, the four-firm concentration ratio equals what percentage of annual sales?
A. 60 percent
B. 100 percent
C. 40 percent
D. 33 percent
Answer: A
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Oligopolies that produce identical products such as steel have
A. no control over the price of their product because of the availability of perfect substitutes. B. no control over the price of their product because of the large number of buyers in the market. C. some control over the price of their product because each firm sells a substantial share of the market. D. some control over the price of their product because of the small number of buyers in the market.
Why would umbrellas be produced in an arid country whose residents have no demand for such clothing product?
What will be an ideal response?
The supply of labor curve is
A) vertical at potential GDP. B) upward sloping. C) downward sloping. D) horizontal at the equilibrium wage rate.
What is the difference between a firm's marginal revenue and its marginal revenue product?
A) Marginal revenue is the change in sales revenue from selling one more unit of output while marginal revenue product is the change in total revenue from hiring one more worker. B) There is no difference between the two terms. C) Marginal revenue is the increase in revenue when a firm raises its output price while marginal revenue product is the increase in marginal product when a firm hires an additional worker. D) Marginal revenue is the change in sales revenue from selling one more unit of output while marginal revenue product is the profit earned from hiring one more worker.