The last time the United States experienced hyperinflation was during:

Monopolistic competition is an

a. inefficient market structure because there is deadweight loss. b. inefficient market structure because price exceeds marginal cost. c. efficient market structure because free entry drives long-run profits to zero. d. Both a and b are correct.

The industry concentration ratio measures the

A) value of the assets owned by the largest corporations in the market. B) percentage of industry sales accounted for by the top four or eight firms. C) difference between price and marginal cost for the largest firms in the industry. D) degree of product differentiation in the market.