The Herfindahl-Hirschman Index is a measure of market power that focuses on:
A) the ratio of the price of a firm's product to the price elasticity of demand for the product.
B) the share of the market controlled by the X largest firms in the market.
C) the sum of the squares of the market share of each firm in an industry.
D) the difference between a firm's product price and its marginal costs of production.
C
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If the demand shifts, then for a profit maximizing monopolist,
A) price will change while quantity will remain constant. B) price will change and quantity will change. C) Both A and B. D) Neither A nor B.
Which of the following is true of long-run consumption functions?
a. Autonomous consumption is equal to zero in the long-run. b. The long run consumption functions are steeper than short run consumption functions. c. The marginal propensity to consume for the long run consumption function is almost equal to zero. d. The autonomous consumption is negative in long run consumption functions. e. The long run consumption function is represented by a straight line parallel to the horizontal axis.
The capabilities approach considers:
A. how much human capital improves over time in a society. B. what people can be and how much people can do over time in a society. C. how much human capital one society has relative to another. D. how much total output changes over time in a society.
The short-run aggregate supply curve is:
A. an upward-sloping curve that intersects the aggregate demand curve and the long-run aggregate supply curve. B. a vertical line that intersects the aggregate demand curve but not the long-run aggregate supply curve. C. a horizontal line that intersects the aggregate demand curve and the long-run aggregate supply curve. D. an upward-sloping curve located to the left of the long-run aggregate supply curve