No firm's total revenue could exceed its total opportunity costs if
A) all firms were price takers.
B) prices always cleared the market.
C) quantity demanded of every good equaled the quantity supplied.
D) the future were completely predictable.
E) there were no legal restrictions on entry into any industry.
D
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What is job search and what is the relationship between job search and unemployment? What factors can affect the amount of job search? Briefly discuss the effect of each factor
What will be an ideal response?
Refer to the scenario above. You should use ________ to make your decision
A) backward induction B) forward induction C) mixed strategies D) your dominant strategy
A goal of ________ is to give patients an incentive to pay more attention to the prices of medical services. This would tend to increase economic efficiency by decreasing the costs of medical services
A) the Patient Protection and Affordable Care Act (ACA) B) socialized medicine C) government-provided health care D) market-based reforms of the health care system
If the level of unemployment is above the natural rate of unemployment, it would be expected that:
a. the short-run Phillips curve will shift leftward, as inflationary expectations adjust. b. the inflation rate will increase c. the short-run Phillips curve will shift rightward, as inflationary expectations adjust. d. both b. and c.