When the Herfindahl-Hirschman Index for an Industry Is

question 60

Multiple Choice

When the Herfindahl-Hirschman Index for an industry is

• A) very small, the industry can be perfectly competitive.
• B) very large, the industry can be perfectly competitive.
• C) 10,000, the industry is perfectly competitive.
• D) very small, the industry can be a monopoly.
• E) above 5,000, the industry is considered not very competitive, and when it is below 5,000, the industry is considered very competitive.

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Definitions:

Unconscionability

A contract term that is so unjust or overwhelmingly one-sided in favor of the party who has the superior bargaining power.

Contract Negotiating Procedures

The systematic steps and methods used during the process of reaching an agreement on contractual terms.

Auction With Reserve

A type of auction in which the seller reserves the right to accept or reject the highest bid.

Auction Without Reserve

An auction in which the item for sale will be sold regardless of the price, as there is no minimum bid or reserve price.