There are six firms in an industry, with market shares of 50 percent, 25 percent, 10 percent, 10 percent, 3 percent and 2 percent. The four firm concentration ratio is ________, and the HHI is ________

A firm that seeks to maximize its revenue is most likely to adhere to which of the following?

A) MR = MC B) MR = 0 C) MR = P D) MR < MC

Monetarists believe that the aggregate supply curve is relatively steep in the short and long runs. This means they expect

a. inflation with no change in output. b. increases in output to bring much inflation. c. increases in output to bring little inflation. d. decreases in output to bring much inflation.