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A Herfindahl index of 5,000 would indicate:
a. a monopoly. b. a duopoly (two firms) with equal shares. c. an oligopoly with three firms. d. a monopolistically competitive industry. e. a perfectly competitive market.
One assumption of the model of perfect competition is that entry into the market is easy. This implies that:
a. there are government licensing requirements for a firm to enter the market. b. there are no significant economies of scale relative to the size of the market. c. one firm has gained a patent in the industry. d. significant economies of scale do exist in the industry. e. there is no government intervention.
In general in the U.S., persons classified as poor have money income that amounts to
A. less than half the median income. B. three quarters of the median income. C. the median income. D. half the median income.
On average, younger people have:
A. similar unemployment rates than older people. B. higher unemployment rates than older people. C. uncorrelated unemployment rates compared to those of older people. D. lower unemployment rates than older people.