Which of the following is the best definition of money?
A. capital
B. is something with value
C. is printed on paper
D. is used for purchases
Answer: D. is used for purchases
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When a tax is imposed on a good or a service, the marginal benefit of the last unit bought ________ the marginal cost of the last unit
A) is equal to B) is greater than C) is less than D) None of the above answers is correct because there is no consistent relationship between the marginal benefit of the last unit and its marginal cost. E) is not able to be compared to
If an industry currently dominated by three large producers whose revenues represent 30%, 30%, and 30% of the market's total revenues, with the remaining two firms each representing 5%, then the two largest firms merged, what would be the new four firm concentration ratio and the new Herfindahl-Hirschman Index for this industry?
a. 95%; 4525 b. 95%; 2,750 c. 100%; 4525 d. 100% 2,750