The inefficiency for collective consumption goods stems from the fact that _____
a. the total cost of the good is too high
b. the marginal cost of the good is zero
c. the total cost of the good is zero
d. the good cannot be priced because it is too easy to steal
b
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If there are four firms in a market and one has a 40 percent market share, one has a 25 percent market share, one has a 20 percent market share, and one has a 15 percent market share, the Herfindahl-Hirschman Index (HHI) in this market is ________.
A) 2,850 B) 5,250 C) 1,270 D) 8,250
Grace is headed to work at a catering business as a waitress for $100. Her sister Paige calls and asks her to go horseback riding instead. Grace decides to go to work, which implies Grace's opportunity cost of working is:
A. greater than $100. B. less than $100. C. equal to $100. D. no more than $100.
According to economists, which of the following acts was partially responsible for the Great Depression of the 1930s?
a. The Robinson-Patman Act b. The National Recovery Act c. The Smoot-Hawley Tariff Act d. The Sarbanes-Oxley Act e. The Sherman Antitrust Act
Prior to 1973, the world operated on a system of fixed exchange rates called the Bretton Woods system
a. True b. False Indicate whether the statement is true or false