If there are four firms in a market and each has an equal market share, the Herfindahl-Hirschman Index (HHI) is ________.
A) 1,600 B) 100 C) 5,500 D) 2,500
D) 2,500
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All the following are assumptions of the classical model EXCEPT
A) pure competition exists. B) buyers and sellers react to nominal money prices rather than to relative prices. C) wages and prices are flexible. D) people are motivated by self-interest.
A pharmaceutical company faces a price regulation where it cannot charge any higher than $5,000 for a lifesaving drug. The company knows that the patients put a high value on this product and are willing to pay up to $10,000 for it. The company decides
to sell the drug at $5,000 and receives another $5,000 from administration through their exclusive medical service providers. This is an example of a. Tying b. Bundling c. Exclusion d. Fraud, the company is not allowed to sell for any higher than the regulatory price
If a manager believes there are too many pay levels and would like to reduce the number of pay levels from 30 to 20 by combining multiple pay levels, it will engage in _______.
A) team sharing B) piecework C) profit sharing D) broadbanding
If there is an inverse relationship between two variables, the graph of this relationship
A) will be a horizontal line. B) will be downward-sloping. C) might be horizontal. D) will be upward-sloping.