Suppose robotic technology improves the results of abdominal surgery—less time to perform the surgery, faster recovery times, and fewer mistakes. What is the impact on the market for abdominal surgery using this new technology?
a. Demand for robot-assisted surgery will increase.
b. Hospitals will be slow to adopt the new technology fearing that it may result in lower prices.
c. The demand for surgical assistants will increase.
d. All of the above.
Ans: a. Demand for robot-assisted surgery will increase.
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The U.S. economy has grown constantly over the years.
Answer the following statement true (T) or false (F)
Risk-averse individuals will diversify their investments because this will:
a. increase their expected returns. b. provide them with some much-needed variety. c. reduce the variability of their returns. d. reduce their transaction costs.
The current percentage of the total work force represented by unions is approximately
A. 11%. B. 25%. C. 5%. D. 35%.
In the long run, if we observe firms in a competitive market earning economic profits, we know that this market is in long-run equilibrium
a. True b. False Indicate whether the statement is true or false