Rational Ignorance
What will be an ideal response?
Remaining ignorant about something where the cost of obtaining the knowledge is greater than the benefit of learning it
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The Herfindahl-Hirschman Index is used as a guideline to determine if a market is competitive or concentrated. Calculate the index value for each market described below
a. 100 firms, each of which produces 1 per cent of market output b. 50 firms, each of which produces 2 per cent of market output c. 25 firms, each of which produces 4 per cent of market output d. 20 firms, each of which produces 5 per cent of market output e. 10 firms, each of which produces 10 per cent of market output f. 5 firms, each of which produces 20 per cent of market output g. 2 firms, each of which produces 50 per cent of market output
An example of an in-kind transfer is
A) national defense. B) Social Security. C) low-cost public housing. D) unemployment benefits.
The art of monetary policy requires acting in accordance with the Taylor Rule.
Answer the following statement true (T) or false (F)
A form of oligopoly in which a dominant firm sets the price and all smaller firms in the industry follow the dominant firm's pricing policy is called
A. a cartel. B. the price-leadership model. C. the Cournot model. D. the contestable markets model.