Industry A has four firms, each with a 25% market share while industry B has four firms, one firm with a 70% market share and the other three firms with 10% each. According to the Herfindahl-Hirschman Index, industry A is more highly concentrated
a. True
b. False
B
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Complete information sequential games can be represented in payoff matrices and complete information simultaneous games can be represented in game trees with information sets.
Answer the following statement true (T) or false (F)
Figure 4-25
Refer to . After the tax is levied, producer surplus is represented by area
a.
A.
b.
A + B + C.
c.
D + E + F.
d.
F.
What is not true if a firm exhibits decreasing average cost as quantity increases?
A. Marginal cost must be below average cost. B. Firms would go bankrupt if all prices were equal to marginal cost. C. More customers can be served at lower average costs per unit. D. This is called diseconomies of scale.
The form of government debt that was created to allow more people to buy and hold government debt is the
a. Treasury bond b. Treasury bill c. Treasury note d. savings bond e. savings bill