Concentration Ratios

question 201

Multiple Choice

Concentration ratios

• A) refer to the concentration of customers in a certain area.
• B) measure whether the market is dominated by a small number of firms.
• C) measure the concentration of a large number of firms in a certain area.
• D) have high values for perfect competition.
• E) measure how concentrated a firm's sales are among certain types of goods.

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Definitions:

Invention And Innovation

Invention refers to the creation of new ideas, goods, or services, while innovation involves improving or implementing new ideas into existing products or processes.

Demand Schedule

A table that lists the quantity of a good or service that consumers are willing and able to purchase at various prices.

Marginal Cost

The cost upsurge due to the production of one extra unit of a product or service.

Marginal Revenue

The supplementary income generated through the sale of an additional unit of a good or service.