If an industry has 4 firms, with the largest firm being twice as large as any other one (the 3 remaining firms are equal in size), the 4-firm concentration ratio of this industry would be

If the demand for a product increases and the supply of the same product decreases, the equilibrium price will increase

Indicate whether the statement is true or false

One area of disagreement among economists is the impact that income tax cuts will have on a budget deficit. Explain in detail the reasoning of both sides of this argument