Which of the following could be the price elasticity of demand for a good for which an increase in price would decrease revenue?
a. 0.6
b. 0.9
c. 1
d. 2.6
d
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An industry is made up of 8 firms with the following percent market shares: 29, 20, 11, 10, 9, 8, 7, 6. What is the Herfindahl-Hirschman index in this industry?
A) 70 B) 100 C) 1462 D) 1692
Which of the following is not true of declining industries?
a. Job loss is not a problem in a declining industry because the workers can easily find jobs in expanding industries. b. Jobs may be lost by declining industries but new jobs are created in expanding industries. c. Over 60 million new jobs have been created in the United States since 1960. d. One way to solve the problems posed by declining industries is for the government to fund programs to retrain workers for jobs that are in greater demand. e. One way to solve the problems posed by declining industries is for the government to offer wage subsidies or special tax breaks that decline over time.
A private good is characterized by excludability and depletability.
Answer the following statement true (T) or false (F)
Many manufacturers attempt to build fairly close relationships with the firms that supply their packaging and boxes. Why?
What will be an ideal response?