Industry concentration measures the extent to which A) ...

[madam-professor]

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.

Question 2

The figure above shows a firm in a perfectly competitive market. If the price rises from P3 to P4 then output will increase by
 
  A) 0 units.
  B) 1 unit.
  C) 2 units.
  D) 3 units.

[blazinlyss]

Answer to Question 1

B

Answer to Question 2

B