The Herfindahl-Hirschman Index is the ________ of the percentage market share of each firm summed over the largest 50 firms in a market
A) sum
B) square
C) square root
D) cube
E) negative
B
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Structural unemployment is likely to be affected by
A) the reservation wage curves of people. B) minimum wage laws and other "rigidities" in the economy. C) recessions and expansions. D) the amount of the money supply.
The conclusion that the economy has price flexibility, wage flexibility, and perfectly competitive markets justifies
A) rational policy making. B) passive policy making. C) active policy making. D) none of the above.
The value of the marginal product of labor is the:
A) value of the output produced by all the workers in a firm. B) contribution of an additional unit of labor to a firm's revenue. C) extra output that is produced by hiring an additional unit of labor. D) amount of output produced by the first unit of labor hired by a firm.
Monopolistically competitive firms in long-run equilibrium produce at ________ the optimal scale.
A. exactly B. less than C. more than D. sometimes more and sometimes less than