A concentration ratio measures the
A. Dollar value of total industry output produced by the largest firms.
B. Proportion of industry output produced by all firms.
C. Dollar value of total industry output produced by all firms.
D. Proportion of total industry output produced by the largest firms.
Answer: D
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for mustard and that bratwurst and mustard are complements. What panel describes what happens in this market when the price of bratwurst falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
The growth rate of real GDP in the United States rises from 4.2% to 4.4%. Explain and calculate how this increase in the growth rate of real GDP affects the number of years it will take for real GDP to double
What will be an ideal response?
An expenditure schedule model with no government sector shows the relationship between
a. C and national product. b. C and disposable income. c. C + I and national income. d. GDP and disposable income.
The tragedy of the commons is the:
A. depletion of a common resource due to individually rational but collectively inefficient overconsumption. B. notion that common resources are generally underconsumed and therefore not produced by suppliers due to artificially low demand. C. disappearance of certain markets due to the lack of willingness to pay by individuals, leading to collective misfortune. D. undersupply of a public good due to people not wanting to pay for a publicly common good.