The "Equality of Opportunity" Idea of Fairness Claims

question 192

Multiple Choice

The "equality of opportunity" idea of fairness claims

• A) a society should make the poorest as well off as possible.
• B) the results and the rules should both be fair.
• C) it's not fair if the rules aren't fair.
• D) private property can be transferred under government order.
• E) only a first-come, first-served system of allocating resources is fair.

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Definitions:

Oligopoly

A market structure dominated by a small number of large firms, leading to limited competition and often strategic behavior among firms.

Oligopoly

A market structure in which a few firms dominate, and each one can significantly affect prices and other market factors.

Four-firm Concentration Ratio

An indicator of the extent to which the four largest firms dominate an industry, measured by their combined market share.

Herfindahl Index

A measure of market concentration, calculated by summing the squares of the market shares of all firms in the market.