The Herfindahl-Hirschman index is a measure of
A. the degree of collusion among firms in a market.
B. the profit margin of an industry.
C. market size.
D. the degree of concentration among firms in a market.
Answer: D
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According to the text, everyone shouts at a party in order to be heard. If instead everyone spoke at a normal volume people would still be heard, but people continue to shout because:
A. the payoff matrix is unknown to the people at a party. B. shouting is a dominated strategy. C. shouting is a dominant strategy. D. shouting can be sustained using a tit-for-tat strategy.
Full employment is the rate of employment that results when:
a. all the labor resources of the economy are employed full time. b. cyclical unemployment has reached its maximum. c. everybody who wants a job can find one. d. only frictional and structural unemployment are present.
There are few laws in economics. One is this: "As consumption of a good increases, the extra satisfaction received from consuming an additional unit of the good decreases.". This is known as the law of
a. demand b. diminishing total utility c. diminishing marginal utility d. diminishing marginal returns e. total utility
Refer to the graph shown. A quantity restriction of QR will:
A. lower market price to P2. B. maintain a market price of P1. C. raise market price to P0. D. have no effect in the market depicted.