Which statement is true?
A. Industry X has a higher Herfindahl-Hirschman Index than Industry Y.
B. Industry Y has a higher Herfindahl-Hirschman Index than Industry Z.
C. Industry Z has a higher Herfindahl-Hirschman Index than Industry X.
D. Industries X, Y, and Z have the same Herfindahl-Hirschman Index.
A. Industry X has a higher Herfindahl-Hirschman Index than Industry Y.
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The total amount spent to buy new physical capital and replace old capital is referred to as
A) net investment. B) wealth. C) gross investment. D) savings. E) depreciation.
When an economist says a change in the market for land causes a farmer to use his land more intensively, he means that the farmer
a. produces more output than before, so the marginal product of his land falls. b. produces less output than before, so the marginal product of his land rises. c. uses greater amounts of nonland inputs than before, so the marginal revenue product of his land rises. d. uses smaller amounts of nonland inputs than before, so the marginal revenue product of his land falls.