Author Question: The rate of product transformation (RPT) measures the ability of: a. a consumer to trade one good ... (Read 23 times)

Zoey63294 · **on:** Jul 1, 2018

The rate of product transformation (RPT) measures the ability of:
a. a consumer to trade one good for another while still maximizing his or her utility.
b. a firm to substitute one input for another and still maintain the same production level.
c. society to substitute the production of one good for another while still using a fixed supply of inputs efficiently.
d. a firm to produce a final good while starting with only natural resources.

Question 2

The ____ is equal to the sum of the squares of the market shares of all the firms in an industry.
a. market concentration ratio
b. Herfindahl-Hirschman index
c. correlation coefficient
d. standard deviation of concentration
e. none of the above