Which of the following would NOT be expected to increase labor productivity?
A. Technological advance
B. The acquisition of more education and training by the labor force
C. An increase in the size of the labor force
D. The realization of economies of scale
C. An increase in the size of the labor force
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Define the following terms:
a) Indifference curve b) Utility
If a market is shared equally by four firms, the Herfindahl-Hirschman Index is
A) 1/4. B) 4. C) 25. D) 2,500.
Which of the following characteristics does not fit a perfectly competitive market?
A. Numerous small firms B. Identical products produced by all firms in the market C. Each individual firm has a small amount of control over the market price D. Ease of entry and exit from the market
Which of the following is true about a Sweezy oligopoly?
A. The marginal revenue function has an upward "jump" or "discontinuity." B. The marginal cost function has an upward "jump" or "discontinuity." C. The marginal revenue function has a downward "jump" or "discontinuity." D. The marginal cost function has a downward "jump" or "discontinuity."