An increase in the number of people in the United States with health insurance could cause the cost of providing health care services to increase as the incentive for health care providers to minimize costs decreases
Indicate whether the statement is true or false
TRUE
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Assume that there is a shortage of lobster and that for whatever reason prices have not risen to choke off the excess demand
Instead, the government has exhorted people to voluntary refrain from lobster consumption to "maintain a balance between supply and demand." Assume that the temporary public service announcements are "effective" and the public reduces its consumption of lobster. Explain using supply and demand analysis what should happen to the equilibrium quantity of lobster and its equilibrium price. Why would this plan not have much of an impact on the lobster market in the long run?
A market structure in which one firm makes up the entire market is:
A. perfect competition. B. monopolistic competition. C. an oligopoly. D. a monopoly.
Marginal revenue product measures the:
A. amount by which the extra production of one more worker increases a firm's total revenue. B. decline in product price that a firm must accept to sell the extra output of one more worker. C. increase in total resource cost resulting from the hire of one extra unit of a resource. D. increase in total revenue resulting from the production of one more unit of a product.
A consumer's optimum is found when
A. the consumer saves part of their income. B. the consumer is achieving the maximum level of utility given market prices and their limited income. C. the marginal utility of the last dollar spent equals 0 for every good. D. prices of goods go down.