FirmMarket Share (%)A20B20C20D20E10F10 Refer to the data. The Herfindahl index for the industry is

The MR = MC rule

This US Supreme Court case decided that law enforcement can use stop and frisk, if they have a reasonable suspicion the person has completed or is about to commit a crime.

The __________________ is a type of warrant used when the police have a reasonable suspicion that those inside the location might destroy physical evidence or be a physical threat.

Long-run equilibrium for a monopolistically competitive firm where economic profits are zero results from

Suppose that a monopolistically competitive restaurant is currently selling 250 meals per day (the output where MR=MC).  At that output level, ATC per meal is $5 and consumers are willing to pay $8 per meal.  a) What is this firm’s profit or loss?  b) Will there be entry or exit into or out of the industry?  How do you know? c) What will happen to the restaurant market in the long run?  Hint:  you should be able to explain whether demand or supply shifts as a result.

The ___________________ Act is a federal policy that requires local police to detain those who have entered the US illegally and also have a criminal conviction until they can be picked up by an Immigration & Customs Enforcement officer.

The __________________ is a type of warrant used when the police have a reasonable suspicion that those inside the location might destroy physical evidence or be a physical threat.

Some assert that oligopoly is less desirable than pure monopoly. Which of the following is a basis for that argument?

Frito-Lay dominates the snack food business,  with half of all salty snack items.  Competitors say that Frito-Lay has secured its dominant position with shelf-space rentals in retail stores,  paying as much as $40,000 annually to secure prime shelf space in grocery and convenience stores.  “Frito can afford it, ” says a regional rep for a competing company,  “we can’t”. A.   Explain what type of market structure firms in the salty snack foods market operate under.  Why do you say that? B.  What are the costs faced by firms in salty snacks?  Please label whether these costs are fixed or variable,  implicit or explicit. C.   Why is there so much advertising in the salty snacks industry? Does advertise promote efficiency or inefficiency?  Explain