As output rises, eventually the MPP of a resource will
A. rise.
B. fall.
C. become constant.
B. fall.
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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
An externality exists when
A) goods are sold in specific geographic locations. B) some of the benefits or costs associated with a good are borne by third parties. C) the government taxes a good. D) the government subsidizes a good.
Average fixed cost:
a. remains unchanged as output expands b. is defined as the change in total cost divided by the change in output. c. always increases as output increases. d. always decreases as output expands.
The actual rate of inflation is equal to the expected rate of inflation along the:
a. downward-sloping Phillips curve. b. upward-sloping aggregate supply curve. c. horizontal aggregate supply curve. d. downward-sloping aggregate demand curve. e. vertical Phillips curve.