Nicole's income elasticity of demand for hats is 1.5 . All else equal, this means that if her income increases by 20 percent, she will buy

A graph that shows how the amount of advertising expenditure differs among various industries can be shown

A) by a trend-section graph. B) by a scatter diagram. C) by a time-series graph. D) as a trend. E) by a cross-section graph.

Assume six firms comprising an industry have market shares of 30, 30, 10, 10, 10, and 10 percent. The Herfindahl index for this industry is:

A. 2,000. B. 1,600. C. 2,200. D. 80.