When a business is owned and operated by a single individual who receives all of the profits and is responsible for all debts, it is known as a

Refer to the above diagram. The budget line shift which moves the consumer's equilibrium position from point A to point B suggests:

A) an increase in the quantity of Y demanded. B) a decrease in the quantity of Y demanded. C) a leftward shift in the demand curve for Y . D) a rightward shift in the demand curve for Y .

Suppose that there are 10 firms in an industry, each accounting for 10 percent of industry sales. Two of these firms decide to merge. Which of the following statements about the impact of this merger is (are) INCORRECT?

A) The merger causes the four-firm concentration ratio to increase from 40 to 50. B) The merger causes the HHI to increase by 100. C) The merger will not change the HHI unless the industry's sales increase. D) Both answers A and C are incorrect.