Which of the following markets is most likely to be oligopolistic?
A) The market for corn
B) The market for aluminum
C) The market for colas
D) The market for ground coffees
B
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The Herfindahl-Hirschman Index measures market concentration in an industry by summing the square of the percentage market shares for
A) the 4 largest firms. B) the 50 smallest firms. C) the 4 smallest firms. D) the 50 largest firms. E) all firms in the market.
As the price elasticity of demand for a particular good decreases, the corresponding Lerner Index, and hence the amount of market power attributed to the firm that produces the product in question, decreases as well
Indicate whether the statement is true or false
Graphically, the market supply curve is obtained by
A. horizontally summing quantity supplied at various prices for individual producers. B. vertically summing quantity supplied at various prices for individual producers. C. a change in quantity supplied. D. changing the ceteris paribus conditions.
After the price of milk increases, David buys more eggs and less cereal. For David
A) milk, eggs, and cereal are all complements. B) milk and eggs are complements, and milk and cereal are substitutes. C) milk and eggs are substitutes, and milk and cereal are complements. D) milk, eggs, and cereal are all substitutes.