Refer to Figure 11-12. Which of the following statements about the input combinations shown in the diagram is false?
A) The firm produces a lower output level when it uses input combination d compared to input combination a.
B) The firm incurs the same total cost when it uses input combination a or c to produce a given quantity of output.
C) The firm produces the same output level when it uses input combination a or c.
D) The firm produces a higher output level when it uses input combination b compared to input combination a.
Question 2
A Herfindahl-Hirschman Index is calculated by
A) summing the amount of sales by the four largest firms and dividing by total industry sales.
B) summing the squares of the market shares of each firm in the industry.
C) dividing the number of firms wanting to merge by the total number in the industry.
D) dividing the advertising expenditures of the firms that want to merge by total industry advertising expenditures.
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How to convert verbal statements into algebraic equations (Part 3)