Instructor-created question Question Help Fill in the blanks to make the followi

Question

Instructor-created question Question Help Fill in the blanks to make the following statements correct. a. Suppose the four largest steel producers in the U.S. among them control 85 percent of total market sales. We would say that this industry is I. We say that the | is 85 percent in this industry. b.A firm that has the ability to set prices faces a c. The theory o monopolistic competition helps explain industries with a number of d. A firm operating in a monopolistically competitive market structure maximizes profits when rivals' responses to its actions will affect its demand curve firms. The e of O po helps ex lain indus es with a number of firms. 1 . A firm that is operating in an oligopolistic market structure maximizes profits when | although its

Explanation / Answer

a) Answer to blank 1: concentrated

    Answer to blank 2: four-firm concentration ratio

b) Ans: downward

c) Answer to blank 1: Large

    Answer to blank 2: small

    Answer to blank 3: small

    Answer to blank 4: Large

d) Answer to blank 1: MR = MC

    Answer to blank 2: MR = MC

    Answer to blank 3: decision

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.