A concentration ratio is used to
A) determine whether a market structure is oligopoly.
B) determine the price level relative to firms' marginal costs.
C) determine the degree of homogeneity in the market.
D) determine the absolute size of a market.
Answer: A
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Use the law of diminishing marginal utility to explain why a pizza parlor might price pizzas in the following way: "Buy one pizza for $12, get the second pizza for $6." Why not simply charge $9 per pizza instead?
The essential functions of any central bank are:
A. managing the money supply, and acting as a lender of last resort. B. overseeing major business transactions, and managing the money supply. C. preventing the formulation of monopolies or other market failure, and acting as a lender of last resort. D. collecting taxes, and managing the supply of money.