The correct answer is false
The answer is false.
A mandate is a formal order that is given by a higher authority to suggest change. As described in oxford's dictionary, mandate is an official order or commission to do something.
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Answer:
3400
increase
Explanation:
the Herfindahl index is used to calculate the concentration of firms in an industry
The HHI is calculated by squaring the market share of each firm in the industry.
40² + 30² + 30² = 3400
If one of the firms leaves the industry, the industry becomes more concentrated and the HHI index would increase
The value created by firms in the form of goods and services are distributed among various economic entities that consume them such as private consumers, government etc. But a closed circular flow diagram does not depict the other external values created. For example, a private college is a firm that produces education or provides education as a service to individuals who pay for it. This has a positive externality on society since these students can later teach others in society. Also firms produce under certain conditions and surveillance.
Firms can gain a certain control over society by studying the elasticities of demand. Also, firms generate certain expectations regarding wages and other social benefits. On the other hand, firms are controlled by governmental policies such as minimum wage laws, pricing laws etc. Such policies bind the full potential output if the potential output is not in confluence with social goals or maximization of social welfare.
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