The Herfindahl-Hirschman Index is definitely larger in a ________ market than in a ________ market
A) monopoly; perfectly competitive
B) monopolistic competitive; monopoly
C) perfectly competitive; monopoly
D) perfectly competitive; monopolistic competitive
A
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If the demand for used cars decreases after the price of a new car falls, used cars and new cars are
A) substitute goods. B) inferior goods. C) normal goods. D) complementary goods. E) The questions errs because it is the quantity of used cars, NOT the demand for used cars, that will change when the price of a new car falls.
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Indicate whether the statement is true or false
If the percentage change in price is 10 and the percentage change in quantity supplied is 10, supply is:
A. unaffected by price changes. B. inelastic. C. unit elastic. D. elastic.
Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.
A. $7.00 to $5.00; 7 to 10 B. $7.00 to $5.00; 7 to 4 C. $5.00 to $7.00; 4 to 7 D. $5.00 to $7.00; 10 to 7