Given the information in the table below, calculate (a) the concentration ratio; and (b) the Herfindahl-Hirschman index.
(a) 20 + 20 + 17 + 14 = 71
(b)
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Since 1950, the average length of a recession in the United States has been
A) such that recessions barely exist. B) less than a year. C) between 1 and 2 years. D) greater than 2 years.
If a firm acquires the stock of a competing firm that causes a substantial lessening of competition, it would be in violation of the:
a. Clayton Act. b. Robinson-Patman Act. c. Sherman Antitrust Act. d. Federal Trade Commission Act. e. Interstate Commerce Act.
Supply curves are usually assumed to slope upward because
a. profits fall as prices rise b. a higher price leads to increases in demand c. a higher price leads to decreases in demand d. a higher price attracts resources from other less valued uses e. firms drop out of the market as prices rise
Jimmy's Bakery has an absolute advantage in producing bagels. Which of the following is true of the bakery? a. It produces bagels at a lower opportunity cost than other bakeries
b. It uses more inputs in the production of bagels than other bakeries. c. It is able to produce bagels at a lower production cost than other bakeries. d. It experiences diseconomies of scale in the production of bagels.