Refer to Figure 3.2. At any consumption bundle with the quantity of good X exceeding the quantity of good Y (that is, a bundle located below the 45 degree line, like point A), Alvin's marginal rate of substitution of good X for good Y is

If the four-firm concentration ratio for an industry equals 100 percent, then definitely

A) the Herfindahl-Hirschman Index (HHI) equals 10,000. B) the industry is a monopoly. C) a small number of firms are in the industry. D) there are no barriers to entry into the industry.

A market demand curve shows how the total quantity demanded of a good varies as

a. income varies. b. price varies. c. price of the nearest substitute good varies. d. supply varies.