An industry consists of four firms with annual sales of $3,000, $5,000, $4,000, and $6,000. What is the industry's HHI?
A. 10,000.
B. 1,659.
C. 2,654.
D. There is not sufficient information to compute the industry HHI.
Answer: C
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Consider a labor market that is initially in equilibrium. When the labor demand curve shifts to the left while the labor supply curve remains unchanged, the: a. equilibrium wage rate increases
b. price of the output that uses this labor resource increases. c. equilibrium number of workers hired increases. d. equilibrium wage rate falls.
If the marginal cost of producing the fifth unit of output is higher than the marginal cost of producing the fourth unit of output, then at five units of output, average total cost must be rising
a. True b. False Indicate whether the statement is true or false
What is the barrier to entry in a monopoly?
a. There is no barrier; anyone can enter the market. b. It a minor barrier; some can enter the market. c. It varies from industry to industry. d. It is a complete barrier; no entry is allowed.
In the short run, a purely competitive seller will shut down if:
A. it cannot produce at an economic profit. B. price is less than average variable cost at all outputs. C. price is less than average fixed cost at all outputs. D. there is no point at which marginal revenue and marginal cost are equal.