The long-term effects of a price ceiling on a market are least likelyto include:
A. Discrimination by sellers.
B. An increase in waiting times to purchase.
C. Improvement in quality to offset the reduction in quantity supplied.
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Which of the following is most likely an advantage of the Herfindahl-Hirschman Index relative to the N-firm concentration ratio？ The Herfindahl-Hirschman Index:
A. Is simpler to calculate.
B. Considers barriers to entry.
C. Is more sensitive to mergers.
Marginal revenue product is best defined as the:
Addition to total revenue from selling one more unit of output.
B. Additional output produced by using one more unit of a productive input.
C. Addition to revenue from selling the output produced by using one more unit of an input.
A market characterized by low barriers to entry, good substitutes, limited pricing power, and marketing of product features is best characterized as:
A. oligopoly.
B. Perfect competition.
C. Monopolistic competition.
When the price of a good decreases, and an individuals consumption of that good also decreases, it is most likelythat the:
A. Income effect and substitution effect are both negative.
B. Substitution effect is negative and the income effect is positive.
C. Income effect is negative and the substitution effect is positive.
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