Some people have argued that the government should provide medical care to everyone. Under this system:
A. prices will not ration medical care so there will be no scarcity.
B. the price of medical care will ration resources efficiently.
C. prices will not ration medical care so some other rationing method will be used.
D. the price of medical care will allocate resources efficiently.
Answer: C
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Larry Krovitz is a salesman who works at a used-car showroom in Sydney, Australia. It's the last week of July but he is yet to meet his sales target for the month. A customer, Harold Kumar, who wants to buy a Ford Fiesta, walks in to the showroom
After taking one of the cars for a test drive, Harold decides to buy it. While $11,000 was the least that Larry would have been willing to accept for that car, he quotes a price of $15,000 . After some bargaining, the car is sold for $12,000 . a. What is the producer surplus in this case? b. If Larry bought the car for $8,000, what is his profit? c. Is producer surplus always equal to profit? Explain your answer.
If marginal profit is zero, then average profit is at a maximum.
Answer the following statement true (T) or false (F)
The demand for a product is the amount that
a. buyers purchase in the market b. buyers are willing to purchase at a given price c. sellers are willing to sell at a particular price d. buyers are willing and able to purchase at alternative prices e. buyers are able to purchase at a specific price
Refer to the graph shown. Given this budget constraint, if bagels cost $1.80 each, croissants must cost:
A. $1.80 each. B. $0.90 each. C. $3.60 each. D. It is impossible to know from the information given.