When diminishing returns set in, total output begins to decrease
Indicate whether the statement is true or false
F
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To calculate the Herfindahl index,
a. add the market shares of all firms in an industry b. add the market shares of any four firms in an industry and then square them c. add the market shares of the four largest firms in an industry d. square the market shares of all firms in an industry and then add them e. square the market shares of the four largest firms in an industry and then add them
At the point where consumption equals disposable income, the average propensity to consume equals 1
a. True b. False Indicate whether the statement is true or false
Patents and copyrights are designed to
a. eliminate above-normal profit in the short run b. move monopoly prices closer to prices that would occur under perfect competition c. prevent the capitalization of monopoly profit d. allow a period of above-normal profit to encourage innovation e. limit a monopoly's rent-seeking activities
Congress decided to build a new highway as part of a stimulus package. It took a few years to study the environmental impact, draw blueprints, and bid out work before the road construction even got started. This is an example of ______.
a. an impact lag b. a crowding-out lag c. a recognition lag d. an implementation lag