Industry X has four firms. The largest firm in Industry X has more than 90 percent of the market share. Industry Y also has four firms, but each of those four firms in Industry Y has 25 percent of the market share.
The Herfindahl-Hirschman index will be A) the same for both industries, but the four-firm concentration will be larger for Industry Y than Industry X.
B) the same for both industries, but the four-firm concentration will be larger for Industry X than Industry Y.
C) larger for Industry Y than Industry X, but the four-firm concentration will be the same.
D) larger for Industry X than Industry Y, but the four-firm concentration will be the same.
Question 2
Real GDP is ________ determined in the classical model and ________ determined in the Keynesian model.
A) supply; supply
B) supply; demand
C) demand; supply
D) demand; demand
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