To the degree that the American Medical Association constraints the number of new spots that are available in the nation's medical schools, it is
A. shifting the demand for physicians to the right.
B. kinking the supply of physicians to make it vertical at the level of the constraint.
C. shifting the supply of physicians to the right.
D. shifting the demand for physicians to the left.
Answer: B
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In a perfectly competitive industry, the firm's marginal revenue curve is
A) downward sloping. B) upward sloping. C) vertical. D) horizontal.
Which of the following observations is true?
A. The cost disease is most prevalent in low income countries. B. The cost disease affects public goods but not private goods. C. The cost disease is most prevalent in commodity markets. D. The cost disease occurs as the opportunity cost of labor increases.
The following table shows John's total utility derived from billiards and bowling games. Assume John has $30 to spend on a game of billiards and/or a game of bowling. A game of billiards costs him $4, and a game of bowling costs him $2. Which of the following is John's utility-maximizing combination of the games of billiards and the games of bowling? Quantity Total Utility Games of billiards Games of bowling 0 0 0 1 100 70 2 180 130 3 240 180 4 272 210 5 288. 218 6 292. 222
a. ?Twelve games of bowling b. ?Five games of billiards and two games of bowling c. ?Four games of billiards and four games of bowling d. ?Five games of billiards and five games of bowling e. ?Three games of billiards and eight games of bowling
Graphically illustrate and explain what effect a purchase of bonds by the Federal Reserve will have on the money market
What will be an ideal response?