Which of the following statements regarding concentration ratios is most accurate?
A) Concentration ratios always provide an accurate account of the extent of competition in an industry.
B) Due to their shortcomings, concentration ratios provide no useable information as to the extent of competition in an industry.
C) Due to their shortcomings, concentration ratios generally do not provide any legitimate idea of the extent of competition in an industry.
D) Despite their shortcomings, concentration ratios can provide a general idea of the extent of competition in an industry.
Answer: D
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Examples of life-cycle wealth include all of the following except
a. homes b. stocks and bonds c. wages and salaries d. automobiles e. personal clothing
Say the demand curve for cigarettes was given by Q = 164 - 0.38P. When P = 20, a further increase in the price will
A. decrease total revenue. B. leave total revenue the same. C. increase total revenue. D. we can't answer with the information given.
The price of medical care in the United States has:
A. remained relatively unchanged in recent years. B. risen slower than the overall price level. C. risen at the same pace as the overall price level. D. risen faster than the overall price level.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.