Studies have shown that when people are asked to imagine a hypothetical illness, the amount of money they say they would be willing to pay to avoid getting the illness is ________ they would be willing to pay for a cure if they were already sick.
A. more than
B. the same as
C. unrelated to the amount
D. less than
Answer: A
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What differentiates an increasing-cost industry from a decreasing-cost industry?
What will be an ideal response?
A situation in which the long-run average total cost of production falls as the quantity of output increases is called increasing returns to scale
a. True b. False Indicate whether the statement is true or false
When a tax is placed on a product, the price paid by buyers
a. rises, and the price received by sellers rises. b. rises, and the price received by sellers falls. c. falls, and the price received by sellers rises. d. falls, and the price received by sellers falls.
If a product's price falls and the consumer buys 4 units, as they did before the price change, then the:
A. budget line will be unaffected. B. consumer will no longer be in equilibrium. C. budget line may shift either outward from or inward to the origin. D. budget line must shift inward to the origin.