Which of the following is NOT a measure of market structure?
A. Herfindahl-Hirschman index
B. Entry conditions
C. Four-firm concentration ratio
D. Pricing behavior
Answer: D
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When you toss your spare quarters into a jar so you can use them later at the laundromat, you are using money in its function as a
A) medium of exchange. B) unit of account. C) store of value. D) record keeping device.
What is asymmetric information?
What will be an ideal response?
On the graph above, the constant value 1.43 is ________
A) the productivity of labor devoted to research and development B) the logarithmic scale C) the amplification effect of improving technology D) the initial level of technology
A person who wins a large sum of money in the state lottery is likely to
a. increase the amount of market work offered at each wage rate b. not change the amount of work offered at each wage rate c. decrease the amount of work offered at each wage rate d. substitute market work for leisure time due to the substitution effect e. substitute market work for leisure time due to the income effect