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Can you help me these questions? Thank you 1. Concentration can be measured by: the Herfindahl-Hirschman Index the Heimlich index the number of buyers in

Can you help me these questions? Thank you

1. Concentration can be measured by:

  • the Herfindahl-Hirschman Index
  • the Heimlich index
  • the number of buyers in the market
  • how much of an industry's output if bought by a single buyer

2. The primary objective of most private firms is to:

  • Maximise revenue
  • Maximise profit
  • Minimise cost
  • Maximise output

3. Medical supplies which people can't do without represent goods with:

  • low price elasticity of demand
  • no market power
  • high price elasticity of demand
  • elastic competition

4. A market is a:

  • Group of firms producing products that are close substitutes
  • Group of firms related by the same production technology
  • A place where goods and service are produced
  • A place where buyers and sellers meet to exchange goods and services

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