The increase in the number of surgeries performed outside hospitals will tend to shift the ________ curve for medical services to the ________
A) demand; left
B) demand; right
C) supply; left
D) supply; right
Answer: D
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Assuming that total factor productivity is constant, describe the effect of an increase in the capital-labor ratio on the per worker production function
What happens to the marginal product of labor, the marginal product of capital, and real GDP per capita?
Revealed preference is:
A. the idea that people's preferences can be determined by observing their choices and behavior. B. the notion that people reveal the utility they get by reporting it on a numerical scale. C. the method that psychologists, anthropologists, and economists use to measure utility. D. All of these are true.
For firms in perfect competition, the profit-maximizing quantity occurs when?
a. Marginal revenue equals average variable cost. b. Price equals marginal revenue. c. Price equals marginal cost. d. Marginal costs equal total revenue.
The difference between a sole proprietorship and a partnership is
a. a partnership is a separate legal being apart from its owners b. ability to issue stock c. limited liability d. the distribution of dividends e. the number of owners