What does the Herfindahl-Hirschman Index value near zero imply about the market?
a. Monopoly
b. Perfect competition
c. Monopolistic competition
d. Oligopoly
b
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If a price reduction leads to larger total revenue, demand is
a. perfectly inelastic b. inelastic c. unit elastic d. elastic e. perfectly elastic
In this graph for negative externalities in production, the deadweight loss is caused by ______.
a. government intervention b. consumer demand c. overproduction d. underproduction
In which one of the following market models is X-inefficiency least likely to be present?
A. Pure competition. B. Oligopoly. C. Monopolistic competition. D. Pure monopoly.
Suppose a court rules that the ABC Corporation is in violation of the antitrust laws because it produces 70 percent of the output of its industry. This decision is consistent with the:
A. U.S. Steel case. B. Alcoa case. C. behavioralist approach to antitrust. D. legal cartel theory of regulation.