A market is said to be concentrated when:
a. the degree of competition in the market increases.
b. many firms supply to a small number of consumers.
c. the firms producing identical goods are clustered in a particular location.
d. a firm or a few firms are able to dictate the competitive conditions in a market.
e. there is a huge immigration of workers from neighboring areas.
d
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Refer to Figure 11-2. Assuming no technological change, if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016, we would expect to see
A) the per-worker production function will shift up every year there is increase in capital per hour worked. B) the per-worker production function will get flatter over time. C) real GDP per hour worked will increase by the same increment each year between 2012 and 2016. D) real GDP per hour worked will be lower in 2016 than it was in 2012.
Prices that adjust slowly to their long-run equilibrium ________
A) help the economy to avoid economic fluctuations B) call for policies that focus on short-run fluctuations C) are conducive to maintaining low inflation D) all of the above E) none of the above