In the table above, the Herfindahl-Hirschman Index in the widget industry is
A) 100 points.
B) 742 points.
C) 2842 points.
D) 4182 points.
D
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The video rental market can be described as a monopolistically competitive market. As a result of the economic profit earned by the first video rental outlets,
a. existing firms were able to successfully lobby the government for patent protection b. competitors were attracted to the industry, and their entry reduced economic profit c. demand dried up d. Blockbuster saw an opportunity to take over the industry e. competitors were discouraged from entering the industry
Perfect competition is a market structure in which there is:
a. a contest among firms to provide good service after the sale. b. competition in product quality. c. rivalry in product design. d. none of these.
Which of the following about fiscal policy is true?
a. The expansionary fiscal policy of the 1980s stimulated aggregate demand and led to high rates of inflation during the latter half of the decade. b. The restrictive fiscal policy of the 1990s led to sluggish economic growth during the decade. c. Even though fiscal policy was highly expansionary during the 1980s, the inflation rate fell and remained at relatively low levels. d. Even though fiscal policy was restrictive during the 1990s, the real growth rate of the economy was strong. e. Both c and d are true.
For a competitive firm, which of the following quantities is equal to marginal cost?
a. wage marginal product of labor b. wage value of marginal product of labor c. price marginal product of labor d. price value of marginal product of labor