The firm's long-run supply curve begins at an output of
A. 0.
B. 40.
C. 45.
D. 50.
D. 50.
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Mercantilism held that
A) silver alone was the mainstay of national wealth. B) gold alone was the mainstay of national wealth. C) silver and gold were the mainstays of national wealth. D) silver and gold are not important for national wealth of a country. E) labor forces were the mainstay of national wealth.
Adverse selection in competitive insurance markets harms
a. high-risk individuals. b. low risk individuals. c. owners of competitive insurance companies. d. everyone.
If a town has a monopsony, this means:
a. there is only one employer. b. price discrimination takes place. c. goods are priced too high. d. no unions can exist. e. excess profits are being made
If the short-run price elasticity of demand for hospital care is 0.27, then the long-run price elasticity should be
a. greater than 0.27 b. greater than 1.00 c. less than 0.27 d. equal to 0.27 e. less than 0