The additional revenue a firm obtains from employing one more unit of capital is called the
a. marginal revenue product of capital
b. total product of capital
c. marginal product of capital
d. production function
e. marginal product of labor
A
Economics
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Firms will continue to enter a perfectly competitive industry until
a. the supply curve is vertical. b. the supply curve is meaningless. c. any excess returns have been competed away. d. all resources are fully employed.
Economics
Suppose an industry is composed of 10 firms. Each firm's share of total sales in the industry is 10 percent. If two of the firms merge, then the four-firm concentration ratio in the industry is
A) 40 percent. B) 45 percent. C) 50 percent. D) unable to determine.
Economics