Suppose the rest of the world experiences a recession that causes a reduction in foreign income (Y*). From the domestic economy's perspective, this reduction in foreign income will cause which of the following as the domestic economy adjusts to the drop in Y*?

If demand for a product is perfectly inelastic, a change in price will not change total revenue

Indicate whether the statement is true or false

The Herfindahl index:

A. measures the prices charged by oligopolistic manufacturers. B. is another name for the four-firm concentration ratio. C. tells us whether oligopolistic firms are engaging in collusion. D. gives much greater weight to larger firms than to smaller firms in an industry.