If an industry has a four-firm concentration ratio equal to one hundred percent, then it is definitely the case that the industry is
A) a monopoly.
B) perfectly competitive.
C) monopolistically competitive.
D) either a monopoly or an oligopoly.
D
Economics
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The principle of diminishing marginal utility means that as you eat fewer slices of pizza, your total utility from pizza will ________ and your marginal utility from each additional slice of pizza will ________
A) increase; decrease B) decrease; increase C) increase; increase D) decrease; decrease
Economics
Positive economics
a. postulates relationships among economic variables that are potentially refutable by real-world events. b. is strictly quantitative and is, therefore, of little value to policy makers. c. will usually indicate which economic policy is best. d. is the same as normative economics.
Economics