The quantity supplied of a particular good is the amount of the good that
A) households are willing to consume at each particular price.
B) firms will actually end up buying at a particular price during a given time period.
C) firms are willing to sell at each price during a particular time period.
D) households want firms to sell at each price during a particular time period.
C
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There are 6 firms in a market and the market shares of the firms are 40 percent, 30 percent, 10 percent, 8 percent, 7 percent, and 5 percent. The four-firm concentration ratio is equal to
A) 2738. B) 2664. C) 100. D) 88.
If the government wanted a tax to reduce the quantity exchanged a large amount but not raise much in tax revenue, it would want to tax an industry with
a. elastic supply and demand curves. b. inelastic supply and demand curves. c. inelastic supply and elastic demand. d. elastic supply and inelastic demand.
Which of the following is the injection into the circular flow model?
A. Money deposited in a savings account B. Income earned through exports C. Goods imported from abroad D. Taxes paid by the individuals
Monopolies are discouraged in the United States because
A. they are more efficient than other industries. B. they restrict output and raise prices. C. they can produce at lower cost in the short run. D. they hire too few workers for their production volumes.