A market is considered competitive if the Herfindahl-Hirschman Index (HHI) is ________ and its four-firm concentration ratio is ________
A) high; high
B) high; low
C) low; high
D) low; low
E) between 30 percent and 70 percent; greater than 5,000
D
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A decrease in the quantity of money supplied shifts the money supply curve to the ________, and the LM curve to the ________, everything else held constant
A) right; left B) right; right C) left; left D) left; right
_____ is the locus of the minimum points of various short-run average cost curves depicting different plant sizes
a. Long-run marginal cost b. Expansion path c. Long-run average cost d. Isocost
Which of the following is true of inflation?
a. It is an increase in the general price level of goods and services. b. The purchasing power of money increases as the result of inflation. c. Inflation is similar to interest payments on future money income, such as pensions and receipts from outstanding loans. d. Inflation has no effect on real resources.
In the three-step method for monopolistic competition, which of the following is accomplished in step 1?
a. finding the marginal revenue b. finding the total costs c. finding the total revenue d. finding the profit maximizing output level