In the United States in 2016, ________ of uninsured people live in families in which at least one member has a job
A) less than 12%
B) about 38%
C) more than 70%
D) almost 98%
Answer: C
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Clifford lives by the motto "Eat drink and be merry today, for tomorrow doesn't matter
" If today's consumption is represented by "x" and tomorrow's consumption is represented by "y", then which of the following best represents Clifford's utility function? A) U = x - y B) U = x/y C) U = x D) U = y
In the long run, which of the following is not a problem for a monopolist earning economic profit?
a. other firms have an incentive to create substitutes for the monopolist's product b. technological change tends to break down barriers to entry c. patents expire, licenses must be renewed, and new sources of essential resources may be discovered d. government often decides to regulate monopolies e. all profit will gradually be converted to consumer surplus
Use the above table. The autonomous consumption in this table is
A. $140. B. $20. C. $50. D. $0.
"The price of compact fluorescent light bulbs fell because of improvements in production technology. As a result, the demand for incandescent light bulbs decreased. This caused the price of incandescent light bulbs to fall; as the price of incandescent
light bulbs fell the demand for incandescent light bulbs decreased even further." Evaluate this statement. A) The statement is false. A decrease in the price of compact fluorescent light bulbs would decrease the demand for incandescent light bulbs, but a decrease in the price of incandescent light bulbs would not cause the demand for incandescent light bulbs to decrease. B) The statement is false because the demand for incandescent light bulbs would increase as the price of compact fluorescent light bulbs fell. C) The statement is false because compact fluorescent light bulbs producers would not reduce their prices as a result of improvements in technology; doing so would reduce their profits. D) The statement is false because it confuses the law of demand with the law of supply.