Indifference curves typically
a. cross each other
b. have a positive slope.
c. are convex from the origin.
d. are concave from the origin.
c
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In a 50-firm industry, two of the smallest firms merge. Yet the 4-firm concentration ratio and the 8-firm concentration ratio did not change. All things considered, we can say that the industry has
A) moved closer to pure competition because the number of firms decreased. B) moved farther away from competition because the number of firms decreased. C) experienced no change in competition even though the number of firms decreased. D) to be identified first; otherwise there is no way to tell.
Which of the following is true of public goods?
a. The market mechanism helps to signal the quantity that is demanded by the public. b. Payment for consumption is efficiently provided by market prices. c. Consumption by one person does not preclude consumption of the same good by another person. d. The public sector is guided to produce the correct quantity by market prices. e. Voluntary contributions will be sufficient to finance the production of public goods.