Industry A has four firms, each with a 25 market share while industry B has four firms, one firm with a 70 market share and the other three firms with 10 each. According to the Herfindahl-Hirschman Index, industry A is more highly concentrated.
a. True
b. False
Question 2
Suppose a price-taking firm produces 400 units at its optimal output level. At that output rate marginal cost is 200, average total cost is 240, and average variable cost is 170 . What can you determine about the market price that would force the firm to shut down in the short run?
a. It equals 200.
b. It is between 170 and 240.
c. It is less than 170.
d. It is between 170 and 200.
e. It equals 240.
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