Industry concentration measures the extent to which
A) products are differentiated by the firms in the industry.
B) the market is dominated by a small number of firms.
C) the industry executives concentrate on their product.
D) consumers are geographically concentrated.
B
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The above figure shows the market for college education in the United States. With no government intervention, the unregulated market equilibrium is ________ because education generates ________
A) efficient; positive external benefits B) inefficient; positive external benefits C) inefficient; positive external costs D) efficient; positive external costs E) inefficient; public goods
The principle of minimum differentiation reflects the
A) tendency for firms to produce at minimum marginal cost in order to compete with one another. B) tendency for political parties to make themselves identical to appeal to the median voter. C) concept of minimizing the difference between total benefit and total cost to produce efficiently. D) attempt to minimize the free-rider problem.
The passage of the ________ in 1930 sparked a trade war that caused net exports to decrease and real GDP to decrease
A) Sherman Antitrust Act B) Clayton Act C) Smoot-Hawley Tariff D) Cellar-Kefauver Act
The amount the government budget deficit would be if the economy were at full employment is known as the
A) primary deficit. B) full-employment deficit. C) natural deficit. D) current deficit.