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 one of the large firms merged with one of the small ones, what would be the new four firm concentration ratio and the new Herfindahl-Hirschman Index for this industry?

A payment for a resource above the opportunity cost of the resource is

A) economic rent. B) social rent. C) nominal rent. D) real rent.

An industrial union:

A. Is most concerned with increasing the demand for workers in an industry B. Restricts supply of labor through licensing requirements C. Organizes a wide range of workers in an industry to gain bargaining power D. Is most effective in a purely competitive industry