If all consumers had identical preferences, then their marginal utility schedules would be the same
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose the equilibrium price of oranges is $0.79 an orange, but government takes steps to prevent the price from exceeding $0.60 an orange. The likely result will be a:
A. shortage of oranges as the price ceiling keeps the market from reaching equilibrium. B. higher equilibrium price for oranges as the demand curve for oranges shifts to the right. C. lower equilibrium price for oranges as the supply curve for oranges shifts to the right. D. surplus of oranges as the price ceiling keeps the market from reaching equilibrium.
Use the information in the table below.Total salesIndustry 1Firm 1$5.3mFirm 2$199,000Firm 3$2.6mFirm 4$850,000What is the Herfindahl index for Industry 1?
A. 3481 B. 9801 C. 4407 D. 30,798