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Author Question: There are five firms in the cresset industry. The market shares of the five firms are 60 percent, 15 ... (Read 152 times)

asmith134

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on: Jun 30, 2018
There are five firms in the cresset industry. The market shares of the five firms are 60 percent, 15 percent, 15 percent, 6 percent, and 4 percent. The Herfindahl index is
 a. 96
  b. 4,086
  c. 10,000
  d. 4,102
  e. 4,100

Question 2

Suppose a perfectly competitive increasing-cost industry is in long-run equilibrium when market demand suddenly decreases. What happens to the industry in the long run?
 a. It experiences no change from the original equilibrium
  b. It experiences a higher equilibrium price and produces less output
  c. It experiences a lower equilibrium price and produces less output
  d. It experiences the same equilibrium price but produces more output
  e. It experiences the same equilibrium price but produces less output


ansleighelindsey

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Reply #1 on: Jun 30, 2018
Answer to Question 1

D

Answer to Question 2

C


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asmith134

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Reply #2 on: Jun 30, 2018
Thank you :)


ansleighelindsey

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Reply #3 on: Jun 30, 2018
Happy to help you


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