If an industry has only 4 firms, with the largest firm being twice as large as any other one (the 3 remaining firms are equal in size), then, the Herfindahl index of this industry would be

Economic theory assumes people will not do what is in the interest of all unless it is in the interest of

A) each. B) humanity. C) the government. D) the public. E) their own pocketbooks.

If Pete enjoys his first pancake of the morning much more than his fifth pancake of the morning, he is exhibiting

A) utility maximizing behavior. B) diminishing marginal utility. C) irrational behavior. D) diminishing total utility.