Equilibrium price is _____ and equilibrium quantity is _____ units.

The table above shows sales of the firms in the chocolate industry. The four-firm concentration ratio in the industry is

A) 52 percent. B) 65 percent. C) 72 percent. D) 80 percent.

The exclusive rights of ownership that allow the use, transfer, and exchange of property are called

A) common property rights. B) private property rights. C) transaction costs. D) social benefits.