An industry is made up of 8 firms with the following percent market shares: 29, 20, 11, 10, 9, 8, 7, 6. What is the Herfindahl-Hirschman index in this industry?

The ability of a firm to raise the price without losing all its sales to rivals is called

a. market power b. social regulation c. economic regulation d. antitrust policy e. natural monopoly

Why does quantity supplied increase when price increases?

a. Producers find it more profitable to make the item. b. People "drop out" of the market, so buyers find it more abundant. c. As demand decreases with a high price, surpluses appear. d. All of the above.