Many Concepts Are Difficult to Describe in Words, but We

question 345

Multiple Choice

Many concepts are difficult to describe in words, but we often can define them using typical and familiar members of a particular class called

• A)morphemes
• B)propositions
• C)prototypes
• D)phonemes

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Definitions:

Import Competition

The competition between domestic products and foreign products in a domestic market, affecting local industries.

Herfindahl Index

A measure of the concentration of industries or markets, calculated as the sum of the squares of the market shares of the largest firms, used to assess the extent of competition.

Concentration Ratios

measures that indicate the extent to which a small number of firms dominate the sales, output, or capacity in a particular market.

Game Theory

A theoretical framework for conceiving social situations among competing players and predicting their optimal decisions.