Which of the following is not a characteristic of the broiler chicken industry?
A) A significant degree of industry concentration, with the four largest firms producing 40 percent of the industry's output.
B) A significant degree of real and subjective product differentiation.
C) An inability of individual firms to have any influence market price.
D) A significant amount of advertising.
C
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It is not uncommon for people to say something like, "If we can put someone on the moon we should be able to . . . ," followed by the person's favorite project. What response can an economist make to this person?
What will be an ideal response?
The market clearing price is
A) the price which eliminates excess quantity supplied or excess quantity demanded. B) the price which leaves an excess quantity demanded. C) the price which leaves an excess quantity supplied. D) the lowest price at which a positive quantity supplied exists.