________ means people are more unhappy when they suffer losses than they are happy when they achieve gains
A) Loss fundamentals
B) Loss aversion
C) Loss leader
D) Loss cycle
B
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If an economy is producing inefficiently, it is
A. possible to increase production of all goods simultaneously. B. possible to increase production of one good at the expense of another. C. not possible to increase production of any good. D. not possible to increase economic growth. E. possible to increase production with no effort.
All else equal, a decrease in the supply of labor will shift the labor supply curve to the left and decrease the equilibrium wage
Indicate whether the statement is true or false
A market for a product is in equilibrium when:
a. Quantity supplied equals quantity demanded b. Quantity demanded is greater than quantity supplied c. The supply curve remains fixed d. Product price equals demand
The Herfindahl-Hirschman Index measures:
A. the degree of concentration in a market. B. the percentage of market share held by the four largest firms in a market. C. the percentage of market share held by the largest firm in a market. D. the market share held by the largest firm in a market divided by the market share held by all other firms in the market.