A concentration ratio refers to the
a. ranking of firms by profitability
b. percentage of sales accounted for by the leading firms in an industry
c. percentage of sales accounted for by the largest firm in an industry
d. ability of a firm to control market price
e. percentage of profit accounted for by the largest firm in an industry
B
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A competitive market with flexible prices and many buyers and sellers will:
A) tend to create surpluses. B) tend to create shortages. C) reach an equilibrium where the market clears. D) reach and equilibrium only if a government agency sets the price.
The demand curve faced by a monopolistic ally competitive firm:
A. Is more elastic than the monopolist's demand curve B. Is less elastic than the monopolist's demand curve C. Will shift outward as new firms enter the industry D. Is more elastic than the demand curve faced by the purely competitive firm