If the price of a bottle of orange juice in the downtown area is $0.50 per bottle and, at that price, each of the 10,000 people working in the downtown area wants to buy two bottles of orange juice per day, the quantity demanded in the downtown orange juice market would be
A. 5,000 bottles per day.
B. 15,000 bottles per day.
C. 20,000 bottles per day.
D. 10,000 bottles per day.
Answer: C
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Using the market shares in the table above, if Big W wants to buy Widgette, the Federal Trade Commission will probably
A) approve the merger because the industry is moderately concentrated and the increase in the Herfindahl-Hirschman index (HHI) is small enough. B) block the merger because the industry is moderately concentrated (HHI between 1,500 and 2,500 ) and the increase in the HHI is too much. C) approve the merger because the industry is highly concentrated (HHI exceeds 2,500 ) but the increase in the HHI is small enough. D) block the merger because the industry is highly concentrated (HHI exceeds 2,500 ) and the increase in the HHI is too much.
Antitrust problems rarely appear in competitive markets
Indicate whether the statement is true or false
Since 1950, the labor force participation rate in the United States
A. of men decreased and for women increased. B. of men increased and women decreased. C. of men and women both increased. D. of men and women both decreased.
To say that demand is elastic means that
A) people do not like the good very much. B) quantity demanded not very responsive to price changes. C) relatively small changes in price lead to relatively large changes in quantity demanded. D) relatively small changes in quantity demanded lead to relatively small changes in price.