In the above figure, the monopolistically competitive firm produces
A) Q3 and sets the price at P3.
B) Q2 and sets the price at P2.
C) Q1 and sets the price at P1.
D) Q1 and sets the price at P5.
D
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By 2015, spending on federal health care programs such as Medicare and Medicaid had grown to 6 percent of GDP
Indicate whether the statement is true or false
According to the life-cycle hypothesis, if a person wants consumption to be constant over her lifetime, she will smooth consumption by initially ________ over her lifetime
A) saving, then dissaving, then borrowing B) borrowing, then saving, then dissaving C) dissaving, then borrowing, then saving D) saving; then borrowing; then dissaving
When people perceive a net benefit to a course of action, they will ______.
a. avoid that activity b. pursue the opportunity c. recalculate the costs d. look for another option
Microeconomics is the study of
A) the behavior of the economy as a whole. B) a nation from the perspective of the whole world. C) how individuals and firms make decisions. D) the effect that money has in the economic system.