An industry is deemed concentrated when ________. A) each firm ...

[FButt]

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.

[jxjsniuniu]

Answer to Question 1

D

Answer to Question 2

B

[FButt]

Thanks for the timely response, appreciate it

[zacnyjessica]

Excellent