The closer a market's Herfindahl-Hirschman Index (HHI) is to ________ the less competitive the market, which means there are ________ firms in the market.
A) 100; many
B) 10,000; many
C) 10,000; few
D) 100; few
C) 10,000; few
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The level of real GDP the economy produces at full employment is
A) never reached in reality. B) nominal GDP. C) called the Lucas level. D) real GDP. E) potential GDP.
If the personal assets of the owners can be claimed if the business is bankrupt, the owners are said to have
A) a corporation type of business. B) limited liability. C) separation of ownership from control. D) unlimited liability.
Using a graph, explain why the law of supply holds for a competitive firm.
What will be an ideal response?
Which of the following addresses the extent to which representatives resemble and staff for their constituents?
A. descriptive representation B. formalistic representation C. symbolic representation D. substantive representation