Suppose that a new study finds that eating more fish will improve a person's health. As a result
A) the demand for fish will fall.
B) the demand for fish will rise.
C) the price of fish will fall.
D) a smaller amount of fish will be purchased.
Answer: B
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The problem of adverse selection in insurance results in a situation in which
A) people choose inappropriate or inadequate coverage because they do not understand the complex information in the policies. B) people choose too much coverage because they do not understand the complex information in the policies. C) people choose too little coverage because they do not understand the complex information in the policies. D) unhealthy people become more likely to buy insurance than healthy people, which drives premiums up, which drives even more healthy people away from the market. E) healthy people become more likely to buy insurance than unhealthy people, which drives premiums up, which drives even more unhealthy people away from the market even though they are the ones who need it most.
Coke and Pepsi probably have a:
A. less elastic cross-price elasticity of demand than do Coke and bananas. B. cross-price elasticity of demand that is smaller than do Coke and bananas. C. negative cross-price elasticity of demand. D. more elastic cross-price elasticity of demand than do Coke and bananas.
For firms that sell one product in a perfectly competitive market, average revenue will:
A. increase if marginal revenue is greater than it. B. decrease if marginal revenue is greater than it. C. always be the same as marginal revenue. D. always be greater than average total cost.
It is often asserted that the United States no longer manufactures anything, and that instead it imports manufactured goods from countries like China. Critically evaluate this claim