There are 6 firms in a market and the market shares of the firms are 40 percent, 30 percent, 10 percent, 8 percent, 7 percent, and 5 percent. The Herfindahl-Hirschman index is

Refer to Figure 15-17. An economics professor argues: "I think the course should be priced so as to achieve economic efficiency." Which price should this faculty member favor?

A) $0 B) $40 C) $88 D) $150

Which of the following conditions will be present when a price-taker market is in long-run equilibrium?

a. Price will exceed marginal revenue. b. Firms will earn economic profit. c. Marginal revenue will exceed marginal cost. d. Average total cost will be at a minimum.