A high Herfindahl-Hirshman Index indicates that an industry ______.
a. has a large number of firms
b. is an oligopoly
c. has perfect competition
d. is competitive
b. is an oligopoly
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A normal good is defined as a good
A) for which demand increases when income increases. B) with a downward sloping demand curve. C) for which demand increases when the number of demanders increases. D) for which demand increases when the price of a substitute rises. E) for which demand increases when the price of a complement falls.
A progressive tax is a tax that taxes income so that the average tax rate increases with income
Indicate whether the statement is true or false
Retail stores that dedicate one or more aisles to "seasonal" items are engaging in ________
A) just-in-time production B) production smoothing C) work in process D) first degree price discrimination
In the long run, persistent inflation in the United States is caused by
A) leftward shifts in both the long-run aggregate supply curve and in the aggregate demand curve. B) rightward shifts in the long-run aggregate supply curve and the leftward shift of the aggregate demand curve. C) a faster rightward shift of the aggregate demand curve than the rightward shift of the long-run aggregate supply curve. D) leftward shifts in the aggregate demand curve while the position of the long-run supply curve is unchanged.