If the premerger Herfindahl index is less than 1,000 . the Department of Justice is likely to challenge a merger
a. True
b. False
B
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____ are unexpected temporary events that can either increase or decrease short-run aggregate supply
a. Profit effects b. Volatilities c. Supply shocks d. Misperception effects
Sketch a perfectly competitive firm operating in short-run equilibrium but making economic losses. Put in all the functions necessary to show that the firm should stay in business in the short-run despite the losses. Shade in the area of loss shown by the drawing.
What will be an ideal response?
If land is not in demand, its rent will be _________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is designated by points C’ and C in Exhibit 4?
a. Calvin and Wendy each benefit by specializing and trading their goods.
b. By specializing in food, Wendy can produce and trade 13 pounds of food per day.
c. In their exchange, the price of Wendy’s food is higher than the price of Calvin’s cloth.
d. Through trade, Wendy’s food production drops from 10 pounds to 7 pounds per day.