The share of industry output sold by the top four steel producers in the country are 19 percent, 15 percent, 12 percent, and 9 percent, respectively. The four-firm concentration ratio for the steel industry is
A. 0.19.
B. 0.55.
C. 0.138.
D. 0.65.
Answer: B
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If an increase in x (the variable on the horizontal axis) from 6 to 8 units causes a decrease in y (the variable on the vertical axis) from 4 to 3 units, the slope equals
A) 2. B) -2. C) 1/2. D) -1/2.
Suppose the government breaks up a single-price monopoly and turns it into a perfectly competitive industry
What will happen to price and the quantity produced? What will happen to the monopoly's economic profit and the deadweight loss associated with the monopoly?
If you have been consuming large quantities of ice cream on a hot summer afternoon and you decide to refrain from any additional consumption, it can be concluded that
A. total utility has reached a maximum and the marginal utility of an additional drink would be zero. B. total utility has reached a minimum and the marginal utility of an additional drink would be large. C. total utility has reached a minimum and the marginal utility of an additional drink would be negative. D. total utility has reached a maximum and the marginal utility of an additional drink would be small.
Refer to the diagram, in which C 1 is the before-tax consumption schedule. The consumption schedule represented by C 3 reflects:
A. a progressive tax system.
B. a proportional tax system.
C. a regressive tax system.
D. a higher MPC than is embodied in C 1 .