The four-firm concentration ratio is the percentage of the ________ accounted for by ________ in an industry
A) normal profit; any four firms
B) value of sales; the four largest firms
C) economic profit; any four firms
D) economic profit; the four largest firms
B
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The natural monopoly in Figure 8.14 wants to charge a price of:
A. P1. B. P2. C. P3. D. P4.
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one advantage to Jeremy of setting up his business as a sole proprietorship?
A) As a sole proprietor, Jeremy would have the ability to share risk with shareholders. B) As a sole proprietor, Jeremy would have both ownership and control over the business. C) As a sole proprietor, Jeremy would face limited liability. D) All of the above would be advantages of setting up his business as a sole proprietorship.
Management is the process of:
a. Controlling others' lives b. Using resources to achieve goals c. Changing one's perspective for the better d. Acting in a habitual or repetitive pattern
For most consumers, the process of gathering information can be considered
a. irrational b. unproductive c. a vocation d. nonmarket work e. costless