What is the largest possible loss that is consistent with a firm producing in a perfectly competitive market in long-run competitive equilibrium?
a. An amount equal to (price less average variable cost).
b. An amount equal to total variable.
c. Zero.
d. An amount equal to total fixed cost.
c
Economics
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The table above shows the revenue figures for the top four firms along with a total for the remaining firms in the fast-food industry. What is the four-firm concentration ratio for the industry?
A) 200 B) 20 percent C) 25 percent D) 80 percent E) 100 percent
Economics
Bureaucratic overprovision of a public good could occur because
A) of a failure of minimum differentiation. B) of rational ignorance among voters. C) voters want more of the good than do bureaucrats. D) bureaucrats attempt to maximize efficiency.
Economics