__________ is the term that means the percentage of total sales within a given market that each firm in that market receives.
a. Market share
b. Exclusive dealing
c. Concentration ratio
d. Cost-plus ratio
a. Market share
Market share is each firm’s proportion of total sales in that market.
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Most of what we buy and sell never makes it out of domestic markets
Indicate whether the statement is true or false
Suppose Country A, a labor-abundant country, produces only wheat and cloth. The following equations illustrate the prices and costs of wheat and cloth in the country. The numbers indicate the amounts of labor and land needed to produce a unit of wheat and cloth. 'W' is the wage rate and 'r' is the rental rate of land.Price of wheat = 1w + 2rPrice of cloth = 2w + 1rSuppose Country A engages in free trade and the price of cloth increases from $3 per unit to $4 per unit. The price of wheat remains unchanged at $3 per unit. The wage rate and the rental rate change to ________ and ________, respectively.
A. $4/7; $5/7 B. $1; $5/3 C. $5/3; $2/3 D. $3/2; $1