Suppose the market for good X has a four-firm concentration ratio of 0.70. Having worked for the four largest firms in the industry, you know the sales for these four firms are given by $2,000,000, $2,250,000, $2,500,000, and $2,750,000. Based on this information, we know that sales for the remaining firms in the industry are:

When institutions do not protect private property rights, do not uphold contracts, interfere with the working of markets and instead erect significant barriers into businesses and occupations, they are referred to as:

A) transitive economic institutions. B) extractive economic institutions. C) inclusive economic institutions. D) exclusive economic institutions.

Phillip owns some stocks of a pharmaceutical company. Of late, he is anticipating that the company will become bankrupt. He decides to find out more about the company's financial condition before selling the stocks

However, he tends to read only the blogs of investors who are expecting the company to become bankrupt. He soon makes up his mind and sells the stock just before its price reaches an all-time high. Phillips's behavior is an example of a(n) ________ bias. A) confirmation B) attentional C) attenuation D) distinction