If the Herfindahl index is the same in two industries, we can conclude that
a. the number of firms in each industry is the same
b. there must not be the same number of firms in the two industries
c. the sum of the squared market shares of all firms is the same in the two industries
d. there must be an identical distribution of market share among firms in the two industries
e. there must be a different distribution of market share among firms in the two industries
C
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The table above shows the PPF of an island community. Choose the best statement
A. Suppose that this community produces 3 pounds of fish and 20 pounds of berries. If it decides to gather more berries, it faces a tradeoff. B. When this community produces 4 pounds of fish and 12 pounds of berries it faces a tradeoff, but it is inefficient. C. Suppose that this community produces 5 pounds of fish and 0 pounds of berries. If it decides to gather some berries, it will get a free lunch. D. If this community produces 3 pounds of fish and 22 pounds of berries, production is efficient but to produce more fish it faces a tradeoff.
Higher consumer prices caused by external forces would boost the wage costs of firms without any commensurate increase in the nominal demand for their products if
A) long-term contracts were in force. B) all labor contracts were one year in duration. C) there were no COLAs. D) there were full COLA protection.