As the Federal Trade Commission currently interprets the Herfindahl-Hirschman index (HHI), an industry is considered to be moderately concentrated if the HHI value is
A) between 100 and 1,500.
B) between 1,500 and 2,500.
C) between 1,000 and 3,500.
D) between 3,000 and 6,000.
B
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As more time passes, the price elasticity of gasoline
A) increases. B) decreases. C) stays the same. D) becomes perfectly inelastic. E) becomes perfectly elastic.
While you were an intern you bought 5 packages of hot dogs a month. After acquiring a full-time job with a considerably higher salary, you stopped purchasing hot dogs. For you, hot dogs are a
a. Complementary good b. Normal good c. Inferior good d. Substitute good
What would happen if a perfectly competitive firm decided to raise its prices by 1%?
a. The firm would increase revenues by 1%. b. The firm would increase market share by 1%. c. The firm would lose all of its market to its competitors. d. The firm would put all of its competitors out of business.
If the economy is initially at long-run equilibrium and aggregate demand expands, then in the long run the price level
a) and output are lower than in the original long-run equilibrium. b) is higher and output is the same as the original long-run equilibrium. c) and output are higher than in the original long-run equilibrium. d) is the same and output is lower than in the original long-run equilibrium.