A distinguishing characteristic of public transfer payments is that:
A. They include wages to government workers
B. They are counted as part of government purchases in the calculation of the gross domestic
product
C. They include the cost of maintaining public parks
D. They involve no contribution to current production in return
D. They involve no contribution to current production in return
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The measure of market power that focuses on the share of the market controlled by the X largest firms in the market is known as:
A) the Lerner Index. B) the Herfindahl-Hirschman Index. C) the Minimum-Efficient Scale Index. D) a concentration ratio.
The main difference between a firm that is a price searcher and a firm that is a price taker is that a
a. price searcher produces products that are identical to its competitors' products. b. price taker can decide what price to charge for its product. c. price searcher cannot decide what price to charge for its product. d. price searcher will still be able to sell some of its product if it increases its price.