Author Question: An industry is deemed concentrated when ________. A) each firm in that industry has a small ... (Read 62 times)

FButt · **on:** Jun 29, 2018

An industry is deemed concentrated when ________.

A) each firm in that industry has a small market share
B) all the firms in that industry charge a price lower than the average cost of production
C) most of the firms in that industry earn zero economic profits in the long run
D) a few firms account for a large fraction of total sales in that industry

Question 2

Why are Federal Reserve Notes (U.S. dollar bills) money in the U.S? Because

A) they are backed by gold.
B) they are used as a general medium of exchange.
C) they are created by the government.
D) they would otherwise be useless.
E) of all the above reasons.