If there are 50 firms in the industry, and each have an equal market share, the Herfindahl index will be equal to 1,00,000
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 11-11. What is the amount of excess capacity?
a. Q4 - Q3 units b. Q3 - Q2 units c. Q3 - Q1 units d. Q4 - Q2 units
A condition in a market where there is no upward or downward pressure on price is called
A) a shortage. B) a surplus. C) market equilibrium. D) All of the above are possible correct answers.
A version of the battle of the sexes game that results in disaster if each player plays his or her tough strategy is called
A) a prisoner's dilemma game. B) a chicken game. C) an assurance game. D) a pure coordination game.
The 45-degree line used in a consumption function represents:
a. the saving function. b. all points at which saving equals disposable income. c. all points at which consumption equals saving. d. all points at which all disposable income is consumed. e. the aggregate income of the economy.