About What Percentage of U

question 20

Multiple Choice

About what percentage of U.S.output was exported to foreigners in 2016?

• A) 1%
• B) 13%
• C) 16%
• D) 25%

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Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded, typically downward sloping, showing an inverse relationship between price and quantity demanded.

Concentration Ratio

A measure used in economics to assess the extent of market control by the top firms in an industry.

Oligopolies

A market structure characterized by a small number of large firms that dominate the market, often leading to limited competition and higher prices.

Collusion

An agreement, often illegal, between firms to limit competition by fixing prices, dividing markets, or coordinating production.