03 Jun Question Question 1 An industry is comprised of 8 firms, each with
Question
Question 1
An industry is comprised of 8 firms, each with an equal market share. What is the 4-firm
concentration ratio of this industry?
0.3.
0.4.
0.5.
0.8.
Question 2
The concentration and Herfindahl indices computed by the U.S. Bureau of Census must
be interpreted with caution because
they overstate the actual level of concentration in markets served by foreign firms.
they understate the degree of concentration in local markets, such the gasoline
market.
none of the statements associated with this question are correct.
all of the statements associated with this question are correct.
Question 3
A local telephone company charges $.10/min. based on a $.06/min. marginal cost of
operation. What is the Lerner Index?
0.2.
0.25.
0.40.
0.50.
Question 4
Which of the following integration types aims at reducing transaction costs?
Vertical integration.
Horizontal integration.
Cointegration.
Conglomerate integration.
Question 5
Which of the following industry structures would you expect to have the highest Lerner
index score?
Perfect competition.
Monopoly.
Monopolistic competition.
Oligopoly.
Question 6
The Dansby-Willig Index measures the potential for a change in social welfare by
examining the affect of changes in industry
production cost.
output.
revenue.
profit.
Question 7
The tobacco industry has a Lerner index of 0.48. Based on this information, compute the
optimal markup factor.
0.48
2.08
1.92
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