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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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