What does the Herfindahl-Hirschman Index value near 10,000 imply about the market?
A. Pure monopoly
B. Perfect competition
C. Monopolistic competition
D. Oligopoly
Answer: A
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Some baseball parks have a "7th Inning Stretch" where beer, hotdogs and other food items are offered for sale at a lower price
What economic concept is being used by the baseball park to justify this practice? If it is successful at selling more food and drink with this practice why don't they lower prices at the beginning of the game?
The Lerner Index is
A) the ratio of the difference between price and marginal cost to price. B) equal to (Price - MC)/Price C) a measure of market power. D) All of the above.
Labor and capital are often complements in production because the use of capital enhances the productivity of the labor and vice versa
Indicate whether the statement is true or false
Bill spent $15,000 to buy equipment for his paper-cup manufacturing plant. According to an economist, the amount spent by Bill is: a consumption expenditure.a consumption expenditure. a. a saving
b. an investment. c. a tax to the government. d. a consumption expenditure.