An industry has only four firms, who have market shares of 45 percent, 25 percent, 20 percent, and 10 percent. What is the Herfindahl-Hirschman Index?
What will be an ideal response?
The Herfindahl-Hirschman Index is 3,150.
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Profits will be maximized when the slope of the total revenue curve and the slope of the total cost curve are equal.
Answer the following statement true (T) or false (F)
Neoclassical growth theory
A) predicts that growth rates and incomes per person throughout the world will converge. B) predicts that the faster growing underdeveloped nations will overtake and then surpass the industrial nations. C) predicts that nations that enjoy a technological advantage will maintain that advantage. D) makes no predictions about the relative growth or incomes among countries.
There are fewer farmers in the United States today than 200 years ago because of
a. improvements in farm technology. b. increased government regulations in farming. c. an elastic demand for food. d. environmental programs designed to reduce soil erosion.
When setting up a new company, QuickBooks automatically creates:
a. Chart of Accounts b. Vendor List c. Customer List d. None of these