Equilibrium in a market occurs when
A) demand and supply indicate a small surplus of a good.
B) price is at its minimum.
C) quantity supplied and quantity demanded are equal at the market clearing price.
D) the market price leads to a decrease in quantity demanded.
C
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The demand curve facing a monopolistically competitive firm is generally
A. steeper than the demand curve that would face a perfectly competitive firm in the same industry. B. less elastic than the demand curve that would face a monopoly in the same industry. C. steeper and more elastic than the demand curve that would face a perfectly competitive firm in the same industry. D. flatter than the demand curve that would face a monopoly in the same industry.
Which statement is true?
A. Industry X has a higher Herfindahl-Hirschman index than Industry Y.
B. Industry Y has a higher Herfindahl-Hirschman index than Industry Z.
C. Industry Z has a higher Herfindahl-Hirschman index than Industry X.
D. Industries X, Y, and Z have the same Herfindahl-Hirschman index.