Define the concentration ratio
What will be an ideal response?
The share of industry output in sales or employment accounted for by the top firms.
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If government were to regulate a monopolistically competitive market by setting a single price, a consequence would be:
A. less product variety. B. lower prices in those markets. C. more output supplied to the market. D. All of these statements are true.
Which of the following is the best definition of economics?
a. Economics is the study of how humans make decisions in the face of scarcity. b. Economics is the study of the division and specialization of labor. c. Economics is the study of the production of goods and services. d. Economics is the study of markets.
In the long run, it is in the best interests of a member of a cartel to: a. decrease the price of its output
b. increase the level of its output. c. maintain the same quality of output. d. improve the quality of its output.
Methods that are sometimes used by unions to increase wages of union workers include I. advertising to increase the demand for union-made goods. II. campaigning against imports
A) I only B) II only C) both I and II D) neither I nor II