Which of the following is part of the economic way of thinking?
a. Opportunity costs will always be incurred when scarce resources are used to produce a good.
b. When the cost of an option increases, individuals will be less likely to choose it.
c. In addition to their immediate direct effects, economic actions often generate secondary effects that are observable only after the passage of time.
d. All of the above are part of the economic way of thinking.
D
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If an industry consists of only four firms with equal market shares, then the Herfindahl index
a. is 25 b. is 10,000 c. is 100 d. is 2,500 e. cannot be calculated without additional information
Which of the following is true for a typical firm in a typical cartel?
a. "I can never do better for myself than by following agreed-upon cartel policies." b. "If everyone cheats, I'm better off, and so is everyone else in the cartel." c. "If I alone cheat, I'm better off; if everyone cheats, I'm worse off." d. "If I suspect others are planning to cheat, I'll do best for myself by refraining from cheating."