The Department of Justice guidelines call for government intervention in mergers when the Herfindahl-Hirschman Index in that industry is
a. 0
b. less than 100
c. between 1,000 and 1,800
d. less than 1,800
e. more than 1,800
E
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In the above figure, if D2 is the original demand curve and the price of a substitute in consumption rises, which price and quantity might result?
A) point a, with price P2 and quantity Q2 B) point b, with price P1 and quantity Q1 C) point c, with price P3 and quantity Q3 D) point d, with price P1 and quantity Q3
If a perfectly competitive firm achieves productive efficiency then
A) it is producing at minimum efficient scale. B) it will raise its price in order to earn an economic profit. C) it is producing the good it sells at the lowest possible cost. D) the price of the good it sells is equal to the benefit consumers receive from consuming the last unit of the good sold.