A four-firm concentration ratio measures
A) the price elasticity of demand in an industry.
B) the price elasticity of demand among the four largest firms in an industry.
C) the extent to which industry sales are concentrated among the four largest firms in the industry.
D) the number of firms in an industry.
C
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A firm in a competitive input market can
A) hire workers at the going wage. B) hire additional workers only by raising wages. C) hire additional workers at lower wages because those who are still unemployed are anxious to work. D) hire additional workers only after a long search process.
Which of the following cases best illustrates economic immigration?
A. Sophia migrated to Germany to rejoin her family. B. Julio migrated to Australia to take a job paying three times what he earned at home. C. Nguyen migrated to the United States to escape religious persecution. D. Vladimir migrated to Great Britain to avoid political imprisonment.