When the price of a good rises, there is
A) an increase in supply.
B) a decrease in supply.
C) a decrease in quantity supplied.
D) an increase in quantity supplied.
D
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Continuing from the question above, an additional 10 people join the group who have expected medical spending of $5,000 per person on average. The new premium will be approximately
a. $1,500 b. $2,200 c. $2,500 d. $4,500
Which of the following is true of a perfectly competitive firm?
a. The firm is a price maker. b. If the firm wishes to maximize profits it will produce an output level in which total revenue equals total cost. c. The firm will not earn an economic profit in the long run. d. The firm's short-run supply curve is its MC curve below its AVC curve.
Money is the only asset that functions as a store of value
a. True b. False Indicate whether the statement is true or false
Which of the following would shift the supply of Green Bay Packers football jerseys to the left?
a. The Green Bay Packers make it to the Super Bowl. b. The price of the jerseys increases by $15. c. The technology of sewing machines use to make the jerseys improves. d. The cost of the fabric used to make the jerseys increases.