A high four-firm concentration ratio implies
A) an absence of product differentiation.
B) a presence of product differentiation.
C) an absence of competition.
D) a presence of competition.
C
Economics
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If a firm triples inputs and produces three times the output, then there are
A) constant returns to scale. B) diminishing marginal product. C) decreasing returns to scale. D) increasing returns to scale.
Economics
It is Valentine's Day and Fred is desperately searching all over town for a dozen roses to give to Diane. "I'll pay anything for a dozen roses," he says. Whether he really means it or not, the statement implies that his price elasticity of demand for roses is
a. infinite b. negative c. one d. greater than one e. zero
Economics