For a risk averse person, the marginal utility of wealth
A) decreases as wealth increases.
B) increases as wealth increases.
C) decreases as wealth decreases.
D) remains constant as wealth increases.
A
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The cross elasticity of demand is a measure of how
A) responsive consumers are to changes in the price of a product. B) responsive suppliers are to changes in the price of a product. C) demand for a product changes when the price of a substitute or complement changes. D) total revenue changes when the price of a product changes. E) demand for a product changes when income changes.
Industry A has market shares of 50, 30, and 20 . Industry B has market shares of 45, 40, and 15 . where si is the market shares of the i-th firm in the industry
a. The Herfindahl index for A is 100. b. The Herfindahl index for A is 3,800. c. The Herfindahl index for B is 3,600 d. The Herfindahl index for A is greater than for B. e. The Herfindahl index is for B is 4,000.
When output rises, AFC
A. must be rising. B. must be falling. C. may be falling or rising. D. will remain constant.
Refer to the information provided in Figure 28.8 below to answer the question(s) that follow.
Figure 28.8Refer to Figure 28.8. Expected inflation at Point C equals
A. 4%. B. 5%. C. 6%. D. cannot be determined from the figure.