The expression "There's no such thing as a free lunch" means
a. in an exchange, if one person gains, someone else must lose.
b. each person must pay for exactly what he or she receives.
c. the use of resources to meet one need means that those resources can no longer be used to meet another need.
d. in an exchange, if one person gains, someone else must lose and equal amount.
C
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The three largest firms in an industry have market shares of 40 percent, 30 percent, and 2 percent. The remaining 47 firms in the industry each have a market share of 1 percent. The Herfindahl-Hirschman Index (HHI) for this industry is
A) 2,551. B) 5,184. C) 24,061. D) 10,000. E) 3,013.
What impact does expansionary monetary policy have on the short-run Phillips curve if consumers and firms expect the expansionary monetary policy to increase inflation?
A) The short-run Phillips curve is not affected by expansionary monetary policy. B) The short-run Phillips curve shifts down. C) The short-run Phillips curve shifts up. D) The short-run Phillips curve becomes the long-run Phillips curve.