Total cost can be defined as:
A. the amount that a firm receives from the sale of goods and services.
B. the amount that an individual spends on all normal goods and services within a specified period of time.
C. the amount that a firm spends on all inputs that go into producing a good or service.
D. None of these is correct.
C. the amount that a firm spends on all inputs that go into producing a good or service.
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If income increases or the price of a complement falls, the
A) demand curve for a normal good shifts leftward. B) demand curve for a normal good shifts rightward. C) supply curve of a normal good shifts leftward. D) supply curve of a normal good shifts rightward.
Which of the following helps in determining whether health care cost rises because of government policy, or because of demand rising faster than supply?
a. Examining the market for health care away from the belief that the market outcome is unfair b. Examining the market for health care with the belief that the market outcome is unfair c. Examining the allocation system d. Examining the changes in the price of health care products e. Examining the changes in the number of suppliers of health care in the market
Which of the following people has voting privileges in a corporation?
a. convertible stockholder b. preferred stockholder c. common stockholder d. corporate bondholder e. corporate manager
Recall the Application about how having car insurance affects driving behavior to answer the following question(s).Recall the Application. Based on the results of studies mentioned in the Application, what should we do with mandatory/compulsory insurance?
A. We should conduct more studies to compare the benefits of fully insured vehicles to the costs, including the increase in fatalities on more hazardous roads. B. We should ban all insurance because mandatory insurance results in more fatalities. C. We should allow mandatory insurance, but the government should pay for it. D. We should ban driving altogether, to decrease automobile deaths.