If the Herfindahl-Hirschman Index for an industry is 100, then there must be ____ firms in that industry.
A. 1
B. 10
C. 100
D. 1,000
C. 100
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Why do we need a units-free measure of the responsiveness of the quantity demanded of a good or service to a change in its price?
What will be an ideal response?
What type of economic system is commonly described as being controlled by an "invisible hand"?
A. a traditional economy B. a command economy C. a market economy D. a communist economy
The real balances effect suggests that
A. when prices are higher, you buy fewer because the marginal utility of a good is diminishing. B. when prices are higher, you buy more. C. when prices are higher, your buying power is less, so you buy less. D. when prices are higher, you buy less of what you originally wanted and use something else instead.
What does unlimited liability mean?
A) The owners of the business are personally responsible for paying expenses incurred by the business. B) Only employees can have a claim on the assets of the business. C) The personal assets of the owners cannot be claimed if the business is bankrupt. D) Anybody with a liability against a firm can claim up to three times their liability.