The table above lists the market shares of the twenty makers of personal computers. Based upon the Herfindahl-Hirschman Index
A) the industry is an oligopoly.
B) the industry is a monopoly.
C) the industry is competitive.
D) the firms in the industry will not be allowed to merge.
C
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With respect to consuming food and shelter, two consumers face the same prices and both claim to be in equilibrium. We therefore know that
A) they both have the same marginal utility for food. B) they both have the same marginal utility for shelter. C) they both have the same MRS of food for shelter. D) All of the above.
Reducing protectionism allows greater gains from free trade.
Answer the following statement true (T) or false (F)
The All Smiles Greeting Card Company wants to increase the quantity of greeting cards it sells by 20%. If the price elasticity of demand is -5.0, the company must
A. increase price by 0.25%. B. decrease price by 0.25%. C. decrease price by 4.0%. D. increase price by 4.0%.
A decline in the wage rate would
A. raise the quantity of labor demanded. B. lower the quantity of labor demanded. C. increase the demand for labor. D. decrease the demand for labor.