Assume the four-firm concentration ratio in industry X is 75 percent and that the firms in the industry produce a differentiated product. Industry X most likely would be characterized as:

Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. What fundamental economic question are they addressing by offering this range of items?

A) What to produce? B) Why produce a variety of items? C) Who to produce the items for? D) How to produce goods that consumers want?

The trade-to-GDP ratio for the United States reached its lowest point of the last 100 years

A) around 1900. B) around 1970. C) around World War II. D) around World War I. E) around 2008.