Suppose there are 7 firms in the candy industry with the market shares shown above. What is the HHI for the industry?
A) 1850
B) 2000
C) 6400
D) 100
E) 20
B
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5 and the wage rate is $37.50 per day, how many workers should Winnie employ to maximize his profit?
A) 2 B) 3 C) 4 D) 5
If a price ceiling of $8 were placed in the market in the graph shown, which area represents deadweight loss?
A. F + G
B. B + D
C. E
D. B + D + F + G
The process of focusing on only the most important factors to explain a phenomenon is called
a. abstraction. b. marginal analysis. c. rational choice. d. controlled experimentation. e. the trade-off between efficiency and equality.