Craft unions exert market control by
A) limiting the demand for labor.
B) limiting the supply of labor.
C) setting minimum wages.
D) setting maximum wages.
B
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Which of the following businesses has elastic supply?
(A) Apple farming (B) Newspaper publishing (C) Electricity production (D) Hair cutting
Industry X has four firms. The largest firm in Industry X has more than 90 percent of the market share. Industry Y also has four firms, but each of those four firms in Industry Y has 25 percent of the market share
The Herfindahl-Hirschman index will be A) the same for both industries, but the four-firm concentration will be larger for Industry Y than Industry X. B) the same for both industries, but the four-firm concentration will be larger for Industry X than Industry Y. C) larger for Industry Y than Industry X, but the four-firm concentration will be the same. D) larger for Industry X than Industry Y, but the four-firm concentration will be the same.