An individual firm's demand curve in a perfectly competitive market is
A. upward sloping.
B. perfectly elastic.
C. perfectly inelastic.
D. downward sloping.
Answer: B
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The three most important financial centers in the world today are New York, London, and Tokyo
Indicate whether the statement is true or false
Bob is unemployed because his skills have become obsolete due to technological advances. This is ____ unemployment
a. frictional b. structural c. cyclical d. abnormal
Suppose you purchased 500 shares of stock in 2013 for $15 a share, and the price now is $20 a share. If you sell the stock, then your capital gain is
A) $2500. B) $1000. C) $10000. D) indeterminate without knowing the inflation rate.
Consider an industry that is made up of six firms with the following market shares: Firm A - 50%, Firm B - 20%, Firms C and D - 10% each, and Firms E and F - 5% each
What is the value of the Herfindahl-Hirschman Index and how will the industry be categorized? A) 2,500; mildly concentrated B) 3,150; highly concentrated C) 8,100; highly concentrated D) 10,000; effectively competitive