The government considers a market to be unconcentrated if its HHI number is less than ____, and highly concentrated if that number exceeds ____
a. 1,000 . 1,800
b. 100; 9,000
c. 50; 500
d. 500; 1,300
a
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Assume that an individual consumes only hotdogs and colas and that the last hotdog consumed yields 15 utils and the last cola 10 utils. If the price of a hotdog is $1 and the price of a cola is $.50, we can conclude that the:
a. consumer should consume more hotdogs and less cola. b. price of hotdogs is too high. c. consumer should consume fewer hotdogs and more cola. d. consumer is in equilibrium.
All else equal, if the interest rate is 5%, what is the PDV of a lottery prize that pays $1,000,000 today and $1,000,000 each year for the next 19 years?
A. $10,500,000 B. $12,462,210 C. $13,085,321 D. $20,000,000
An insurance policy is a contract that:
a. benefits the parties if they have the same degrees of risk aversion. b. benefits the parties if both of them are risk neutral. c. benefits the parties if they have different degrees of risk aversion. d. benefits the parties if either of them is risk neutral.
The optimal efficiency wage requires
A. firms to pay any wage above the competitive wage. B. firms to pay the competitive wage. C. firms to pay fringe benefits. D. the total product curve to be downward sloping. E. firms to pay the unique wage above the competitive wage such that the elasticity of output with respect to wages equals one.