Which of the following statements is TRUE?
a. Average cost (AC) is irrelevant to extent decisions
b. Average cost determines how much you produce
c. Marginal cost (MC) is irrelevant to extent decisions
d. All of the above
a
Economics
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Which industry has the highest four-firm concentration ratio?
A) college bookstores B) retail gasoline stations C) cigarettes D) discount department stores
Economics
A cartel is a(n)
a. form of explicit collusion in which the parties collectively behave like a monopoly b. market that changes very little as firms enter and exit c. implicit pricing scheme that does not involve explicit communication between the parties d. form of nonprice competition e. group of firms engaged in price discrimination
Economics