Learning by doing is represented by
A) a decrease in the average total cost curve.
B) an increase in the average total cost curve.
C) no change in the average total cost curve.
D) an increase in the average total cost curve and a decrease in the marginal cost curve.
A
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Suppose there are five firms in the disposable diaper market. Hug-Me's share is 30 percent. Plumper's share is 30 percent. Drippy's share is 20 percent. Kool Kid's share is 10 percent. Nappomatic's share is 10 percent
The Herfindahl-Hirschman Index in this industry is A) 100. B) 900. C) 1,350. D) 2,400.
Rational expectations are more accurate than adaptive expectations, ________
A) on average B) always C) because they require less information D) except when policies have changed
When grocery stores issue special discount membership cards for shoppers effectively offering different prices based on quantities consumed, this is an example of
A) price discrimination. B) price differentiation. C) product differentiation. D) patent protection.
If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then demand is:
a. elastic. b. inelastic. c. of unitary elasticity. d. 0. e. inferior.