A market is said to be concentrated when:
a. the degree of competition in the market increases.
b. many firms supply to a small number of consumers.
c. the firms producing identical goods are clustered in a particular location.
d. a firm or a few firms are able to dictate the competitive conditions in a market.
e. there is a huge immigration of workers from neighboring areas.
d
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Suppose that reduced barriers to international financial transactions cause an increase in the economy's supply of capital. Explain, step-by-step, how the economy adjusts to arrive at a new long-run equilibrium
What will be an ideal response?
What is marginal factor cost? How is it related to the supply curve of an input?
What will be an ideal response?
An increase in the demand for commercial complexes will: a. shift the demand for land curve to the left. b. shift the demand for land curve to the right. c. decrease the rental earnings from land
d. decrease the quantity of land demanded.
The actual benefit of a government subsidy is determined primarily by
a. the elasticities of demand and supply. b. the legal (or statutory) assignment of the subsidy c. the number of exchanges that are made possible as a result of the subsidy. d. whether the subsidy is paid by cash or check.