Nontoll roads can be either public goods or common resources, depending upon the degree of congestion
a. True
b. False
Indicate whether the statement is true or false
True
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If a firm with a 20 percent market share merges with a firm with 5 percent of the market, by how much will the Herfindahl index change? The other firms have 40 percent, 15 percent, 10 percent, and 10 percent shares
a. It rises by 100. b. It rises by 200. c. It falls by 100. d. It falls by 200. e. It rises by 25.
In the short run, a firm that finds itself earning a loss should compare the market price to which cost in order to determine how to minimize its losses?
A. Marginal costs B. Fixed costs C. Average total costs D. Average variable costs
Suppose Amy has 100 efficiency units of labor, Bill has 50 efficiency units of labor, and Chris has 20 efficiency units of labor. Which of the following is true?
A. A firm will never hire Chris, regardless of wages. B. A firm will always hire Amy over Chris, regardless of wages. C. A firm will never hire Bill, regardless of wages. D. A firm will hire Amy if her wage is at least twice that of Bill's and at least five times that of Chris's. E. A firm will hire Amy if her wage is at most double that of Bill's and at most five times that of Chris's.
The U.S. economy in the mid-2000s did not experience stagflation because
A. energy prices declined. B. the energy content of GDP declined. C. it became more volatile since 1980. D. All of these responses are correct.