Being the first to sell a particular good can give a firm advantages over other firms that sell similar products. What is the name given to these advantages?
A) first come, first served B) follow the leader
C) first-mover D) first to market
C
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The average price of ten commodities is $330. If an eleventh commodity whose price is $600 is included in the calculation, the new average is:
A) $330.35. B) $450.25. C) $354.54. D) $254.54.
If there were five firms in an industry each with a 20% market share, what would the Herfindahl-Hirschman Index equal?
a. 80% b. 800 c. 1,600 d. 2,000
Under perfect competition, a technological advance
a. shifts the market demand curve leftward, decreasing market price b. shifts the market supply curve rightward, decreasing market price c. shifts the market demand curve rightward, increasing market price d. shifts the market supply curve leftward, increasing market price e. causes unpredictable shifts in supply and demand
What is the relationship between price elasticity of demand and total revenue for the firm?
What will be an ideal response?