A market that is shared equally by 100 firms would have a Herfindahl index of :
a. 1.
b. 1,000.
c. 500.
d. 100.
e. 50.
d
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In the figure above, assuming that the firm does not shut down, the firm will produce
A) fewer than 19 units. B) 20 units. C) 30 units. D) 40 units.
Historical note: All of the following were examples in the text of goods that had been patented except
a. penicillin b. tabs on beer and soda cans c. Polaroid's instant film camera d. watercolor paint e. Xerox's photocopier
Which combination of signals would be a strong indication that Fed policy is too expansionary and that a shift to a more restrictive policy is in order?
a. commodity prices are falling and the dollar is appreciating. b. commodity prices are rising and the dollar is depreciating. c. commodity prices are rising and the dollar is appreciating. d. commodity prices are falling and the dollar is depreciating.
If consumers won't pay more than $1.50 for a pack of gum and at $1.50 they will buy an almost infinite amount, price elasticity of demand at $1.50 is:
A. elastic. B. inelastic. C. perfectly inelastic. D. perfectly elastic.