Using the market shares in the table above, if Widgotech buys Widgette the HHI will
A) stay the same.
B) rise by 1 point.
C) rise by 10 points.
D) rise by 18 points.
D
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If an Atlanta bakery raises the price of their rye bread by 11 percent and the quantity demanded decreases by 11 percent, then the demand for the rye bread is ________ and the bakery's total revenue ________
A) unit elastic; does not change B) unit elastic; increases C) unit elastic; decreases D) elastic; does not change E) inelastic; does not change
A progressive income tax is one that
A) taxes income so that the average tax rate decreases with the level of income. B) taxes all income above the guaranteed minimum at an average rate that decreases with income. C) taxes income so that the average tax rate increases with the level of income. D) taxes income at a constant rate, regardless of the level of income.