Industry concentration measures the extent to which
A) products are differentiated by the firms in the industry.
B) the market is dominated by a small number of firms.
C) the industry executives concentrate on their product.
D) consumers are geographically concentrated.
B
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A situation in which a benefit or a cost associated with an economic activity spills over to third parties is called
A) a public good. B) a merit good. C) an externality. D) the free-rider problem.
The primary purpose of the legal reserve requirement is to:
A. prevent banks from hoarding too much vault cash. B. provide a means by which the monetary authorities can influence the lending ability of commercial banks. C. prevent commercial banks from earning excess profits. D. provide a dependable source of interest income for commercial banks.