Use the information in the table below.Percentage of salesIndustry 1Industry 2Industry 3Industry 4Firm 155%45%25%10%Firm 210%35%40%60%Firm 325%20%35%10%Firm 410% 20%According to the Herfindahl index,
A. Industry 3 is more concentrated than Industry 4.
B. Industry 1 is more concentrated than Industry 2.
C. Industry 3 is more concentrated than Industry 2.
D. Industry 1 is more concentrated than Industry 4.
Answer: B
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According to economic theory, the difference between the long run and the short run is:
a. about two months. b. about two years. c. not relevant for executive decision makers. d. strictly theoretical so that in practice there is no difference between them. e. the ability for a firm to vary all resources.
Monopolistic competitors and perfect competitors are alike in
A. having horizontal demand curves. B. zero economic profit in the short run. C. zero economic profit in the long run. D. relying on advertising to attract buyers to their products.
________ is available only to low-income families with children.
A. Medicare B. The SNAP program C. The Earned Income Tax Credit D. Medicaid
U.S. exports tend to decrease when
A. foreign GDPs are rising. B. the inflation rate in the United States is lower than the inflation rates in other countries. C. U.S. prices are low relative to those in the rest of the world. D. economic activity abroad is decreasing.