Markets in which the Herfindahl-Hirschman index ________ are considered moderately concentrated
A) is less than 1,000
B) is zero
C) is between 1,000 and 1,800
D) is above 1,800
C
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In long-run equilibrium for a perfectly competitive firm, price equals which of the following?
a. Economies of scale. b. Minimum short-run average total cost. c. The sum of each short-run marginal cost curve. d. All of these.
It has been argued that a monopolistically competitive industry involves "waste" because
A) there is too much product differentiation making shelves too crowded. B) they end up producing to the right of the minimum of the average total cost curve and the price is below the marginal cost. C) the firms do not equate marginal cost to marginal revenue to find the profit maximizing price and output. D) the firms do not produce at the minimum of the average total cost curve and price is above marginal cost.