The cookie industry in Eatsweetland consists of 15 firms. The industry sales are $80 million per month. The sales of the largest 5 firms are shown in the table below. The rest 10 firms have sales of $3 million each
What is the four-firm concentration ratio in Eatsweetland's cookie industry? A) 63 percent
B) 44 percent
C) 87 percent
D) 56 percent
D
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If two goods are substitutes, then
A) an increase in the price of one causes the demand for the other to fall. B) there is an inverse relationship between changes in the price of one good and changes in the demand for the other. C) if the price of one good falls, the demand for the other good falls also. D) changes in the quantity demanded of one good will not affect the demand for the other.
Empirical work that does not account for differences in the productivity of workers
a. is unlikely to find evidence of wage differentials. b. can provide strong evidence of labor market discrimination. c. is likely to misinterpret apparent evidence of labor market discrimination. d. is accepted as superior to empirical work that does correct for differences in productivity of workers.
Classical economics was mainstream economics from about _______ to about _______.
Fill in the blank(s) with the appropriate word(s).
Comparative advantage is defined as
A. producing all goods at lower opportunity costs than other countries can. B. producing more output of all goods than anyone else can. C. the ability to produce more output from given inputs than anyone else can. D. producing one good at a lower opportunity cost than another country can.