The four largest firms in an industry account for the following value of industry revenues: 12 percent, 8 percent, 5 percent and 4 percent. Calculate the four-firm concentration ratio. Would this industry be regarded as competitive or concentrated?

How would the U.S. Bureau of Labor Statistics classify a 20-year old individual enrolled in college full-time and working 5 hours per week in the campus bookstore?

Select one: a. Not in the labor force b. A discouraged worker c. Not surveyed d. Employed

Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Tahiti?

A) 5/6 of a gallon of honey B) 1.5 gallons of honey C) 1.2 gallons of honey D) 1/2 of a gallon of honey