A market's structure is described by
A) the number of firms in the market.
B) the ease with which firms can enter and exit the market.
C) the ability of firms to differentiate their product.
D) All of the above.
D
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The four largest firms in an industry account for the following value of industry sales: 12 percent, 8 percent, 5 percent and 4 percent. Calculate the four-firm concentration ratio. Would this industry be regarded as competitive or concentrated?
What will be an ideal response?
Unemployment rises in ____, and falls in ____
a. peaks; troughs b. booms; recessions c. expansions; contractions d. contractions; expansions
In 2009, the United States had its largest peacetime deficit. How much did the federal government spend over its revenue in that year?
a. $582 trillion b. $1.4 billion c. $1.4 trillion d. $582 billion
Which of the following is true if the opportunity cost of producing a particular good is less than its accounting profit?
a. Economic profit is zero. b. Economic profit is negative. c. Economic profit is positive. d. Economic profit cannot be determined.