The Herfindahl index measures the:
A. Size of the market share of the four largest firms in an industry
B. Sum of the squared values of market shares of firms in an industry
C. Increase in economic concentration resulting from a conglomerate merger
D. Effect of per se violation in antitrust cases
B. Sum of the squared values of market shares of firms in an industry
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When there are positive externalities associated with the consumption of a good, we can expect the market:
a. demand curve to lie above the social demand curve. b. demand curve to lie below the social demand curve. c. supply curve to lie above the social supply curve. d. supply curve to lie below the social supply curve. e. demand curve to lie below the social supply curve.
From 1992 to 2012, many industries have increased in concentration.
Answer the following statement true (T) or false (F)
Which of the following is an accurate example of what an aggregate demand curve shows?
a. Jerry’s demand for soft drinks produced in the United States increases as the overall price of soft drinks drops. b. The quantity of real GDP demanded in Canada increases as the general level of prices in the Canadian economy decreases. c. The city of Chicago increases its spending when the quantity of real GDP demanded in the United States decreases. d. Foreign demand for U.S. wheat increases when the general level of prices in the United States decreases.
The time period during at least one input cannot be changed is the
A) production time. B) calendar year. C) long run. D) short run.