Suppose the four-firm concentration ratio for an industry is 10 percent. This value indicates ________. If the four-firm concentration ratio for another industry is 95 percent, this value indicates ________.
A) the industry is competitive; the industry has very little competition
B) the industry has very little competition; the industry is very competitive
C) the industry has firms worldwide; the industry is concentrated in one country
D) the HHI will be high; the HHI will be low
Question 2
A deadweight loss is created
A) only if the last unit produced has a marginal social benefit greater than its marginal social cost.
B) only if the last unit produced has a marginal social cost greater than its marginal social benefit.
C) only if the last unit produced has a marginal social benefit equal to its marginal social cost.
D) if for the last unit produced, marginal social cost is greater than its marginal social benefit or if its marginal social benefit is greater than its marginal social cost.
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