In a market with a binding price control,
a. there is an imbalance between the quantity supplied by sellers and the quantity demanded by buyers.
b. the costs of production are fully reflected in the price paid

The four-firm concentration ratio for an industry is

a. the number of firms in the industry, divided by four. b. the share of industry output sold by the four largest firms in the industry. c. the percentage of total industry profits claimed by the four largest firms. d. the share of industry output sold by the fourth largest firm in the industry.

In Country A, the government simultaneously increases its expenditures by $200 billion and increases taxes by $200 billion. If the MPS is equal to 0.5, the government's action ________ real GDP by ________.

A. increases; $200 billion B. increases; $400 billion C. decreases; $400 billion D. has no effect on; $0