The measurement of industry concentration which calculates the percentage of all sales contributed by a specific number of leading firms is called the
A) Herfindahl-Hirschman Index.
B) concentration ratio.
C) producer price index.
D) payoff matrix.
Answer: B
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What is meant by the term "marginal analysis"? Suppose an individual has to choose between renting four apartments at different distances from his place of work
The individual has to commute to work on five days of the week and as such will require different quantities of gasoline depending on the apartment he decides to rent. The monthly rents and expected gasoline consumption from each of the apartments is shown in the table below. If the price of gasoline is $5 per gallon, using marginal analysis, determine the optimum choice for the individual. Which principal is used for this optimization? What does it state? Apartment Gasoline Consumption (gallons per month) Rent ($ per month) 1 5 1,100 2 10 1,000 3 15 960 4 20 940
Official reserve assets include all of the following EXCEPT
A) foreign currencies. B) gold. C) special drawing rights. D) gifts to foreign countries.
If we observe that when the price of chocolate candy bars increases by 10%, quantity demanded decreases total by 10%, then the demand for chocolate candy bars is unit price elastic
a. True b. False Indicate whether the statement is true or false
A government-created monopoly arises when
a. government spending in a certain industry gives rise to monopoly power. b. the government exercises its market control by encouraging competition among sellers. c. the government gives a firm the exclusive right to sell some good or service. d. Both a and c are correct.