The law of supply holds for perfectly competitive firms assuming that each firm tries to
A) maximize profits.
B) minimize total costs
C) maximize revenue
D) minimize variable costs
A) maximize profits.
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Altering the marginal cost of preventive screening by reducing the out-of-pocket cost to zero:
a. will result in everyone with this coverage taking advantage of the free care and receiving the screenings. b. has little effect on the consumption of medical services. c. is a wise use of resources and results in more efficient screening outcomes. d. results in over-investment on screening technology. Using the funds elsewhere could have improved overall welfare.
Choice architects know that whether something feels like a loss or gain often depends on how:
A. often the decision is made. B. it is structured in terms of time to make the decision. C. it is framed. D. large the outcome is.
With respect to the aggregate demand curve, a tax cut will:
A. Move the economy down along the curve. B. Move the economy up along the curve. C. Shift the curve leftward. D. Shift the curve rightward.
If increasing the admission charge for National Parks increases the National Park Service's total revenue, then the demand for National Park visits is:
A. a perfectly horizontal line. B. inelastic. C. perfectly elastic. D. elastic.