The Herfindahl-Hirschman Index measures how differentiated products are in a market.
a. true
b. false
Ans: b. false
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To economists, the main differences between "the short run" and "the long run" are that
A. the law of diminishing returns applies in the long run, but not in the short run. B. in the short run all resources are fixed, while in the long run all resources are variable. C. in the long run all resources are variable, while in the short run at least one resource is fixed. D. fixed inputs are more important to decision making in the long run than they are in the short run.
Suppose the government breaks up a single-price monopoly and turns it into a perfectly competitive industry
What will happen to price and the quantity produced? What will happen to the monopoly's economic profit and the deadweight loss associated with the monopoly?
Explain the differences between a corporate bond, a municipal bond, and a Treasury bond. Which of these would be the least risky investment, and why?
A closed shop is a business enterprise in which
A) employees cannot belong to a union when they are employed, and cannot join a union and keep working there. B) employees must join the union to maintain employment. C) employees must belong to the union before they can be employed. D) employees cannot belong to the union when they are hired, but may join the union later and keep their jobs.