If an industry is dominated by three large producers whose revenues represent 30%, 30%, and 30% of the market's total revenues with the remaining two firms each representing 5%, what would be the four firm concentration ratio and the Herfindahl-Hirschman Index for this industry?

A purely competitive firm is faced with a marginal revenue curve that lies everywhere below the average variable cost curve. Would this firm be able to operate in the short run? Explain

What will be an ideal response?

Refer to Table 7-6. Prior to trade, what was the opportunity cost to produce 1 belt in Morocco?

A) 1/2 of a sword B) 1 sword C) 1.5 swords D) 2 swords