A change in consumers’ tastes leads to an increase in crew cuts being requested at salons. This example shows a ______.
a. change in quantity demanded
b. shift in the demand curve
c. change in surplus
d. shift in substitutes
b. shift in the demand curve
Economics
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There are six firms in an industry, with market shares of 50 percent, 25 percent, 10 percent, 10 percent, 3 percent and 2 percent. The four firm concentration ratio is ________, and the HHI is ________
A) 100; 100 B) 95; 3338 C) 95; 10,000 D) 100; 3338
Economics
Monetary payments to nonowners of a firm are called:
A. implicit costs. B. accounting costs. C. explicit costs. D. economic costs.
Economics