If price were $12, there would be _____ (shortage or surplus) of about _____.
shortage; 34
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The nominal cost per unit of output rises when production is pushed beyond an economy's potential output
a. True b. False Indicate whether the statement is true or false
In the supply curve, the relationship between price and quantity supplied is
a. inverse. b direct. c. nonexistent. d. not determined.
When large oligopolistic firms negotiate with the unions of their employees, the resulting bargaining process closely resembles
a. perfect competition. b. a dual labor market. c. monopolistic competition. d. bilateral monopoly.
The largest firm in Industry Q has a 50% market share and the next five firms each has a market share of 10%. The largest firm in Industry R has a 40% market share and the next three firms each has a market share of 20%. Which statement is true?
A. Industry Q has a higher Herfindahl-Hirschman Index than Industry R. B. Industry R has a higher Herfindahl-Hirschman Index than Industry Q. C. The HHIs of these industries are equal. D. None of these statements are true.