According to Joseph Schumpeter, many Midwestern railroads:
a. were built too late and thus faced heavy competition from trucks.
b. were built ahead of demand.
c. were unnecessary because they followed routes already adequately served by other means of transportation.
d. would have been built more quickly in the absence of government aid.
b. were built ahead of demand.
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Which of the following insurance practices attempts to minimize the adverse selection problem insurance companies face?
A) prevention of fraud B) risk-based premiums C) restrictive provisions D) deductibles
A binding price floor is: a. set with the aim of increasing the consumer surplus. b. set at the equilibrium price level
c. set below the equilibrium price level. d. set above the equilibrium price level.
_______________________: A group of theories which attempt to explain the voting behaviors of voters & politicians
Fill in the blank(s) with the appropriate word(s).
Suppose the price of tomato sauce falls. In the market for pizza, in which tomato sauce of a popular ingredient, one would expect that
A. the supply of pizza would increase, and the price would fall. B. the demand for pizza would decrease, and price would fall. C. the demand for pizza would increase, and the price would increase. D. the supply of pizza would decrease, and price would rise.