If the Herfindahl index is the same in two industries, we can conclude that
a. the number of firms in each industry is the same
b. there must not be the same number of firms in the two industries
c. the sum of the squared market shares of all firms is the same in the two industries
d. there must be an identical distribution of market share among firms in the two industries
e. there must be a different distribution of market share among firms in the two industries
C
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In 2015, health care's share of gross domestic product in the United States was about
A) 6.5 percent. B) 18 percent. C) 45 percent. D) 62.5 percent.
If the isoquants are straight lines or L-shaped, then a cost-minimizing firm will
A) not be able to minimize costs. B) find the lowest isocost line touching the relevant isoquant. C) find the highest isocost line touching the relevant isoquant. D) choose not to produce any output.
An author who writes newspaper columns for $75 each is deciding whether to purchase a personal computer with a laser printer. She figures she'd be able to write two more columns per month than she could on her typewriter. She should
a. buy the computer if the monthly payment is less than $300 b. buy the computer regardless of its price c. not buy the computer if the monthly payment is greater than $75 d. not buy the computer regardless of the price e. buy the computer if the monthly payment is less than $150
The relationship according to which the perceived change in any stimulus varies according to the size of the change measured as a proportion of the original stimulus is known as:
A. the Weber-Fechner law. B. the representative heuristic. C. status quo bias. D. regression to the mean.