In economics, the purpose of competition is to:
A. ensure that every firm survives.
B. motivate firms to make the highest possible profit.
C. prevent unemployment.
D. motivate firms to make better goods at lower cost.
Answer: D
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Laws and courts tend to make markets work ________ and make society ________
A) less effectively; poorer B) less effectively; richer C) more effectively; poorer D) more effectively; richer
Why does adverse selection occur in the health insurance market?
What will be an ideal response?
When the Fed wants US interest rates to increase, it will usually sell US t-bonds to banks
a. true b. false
Refer to the above figure. If the government imposes a price ceiling of $60
A. the quantity traded will be 150, and the price will be $60. B. the quantity traded will be 150, and the price will be $40. C. the quantity traded will be 100, and the price will be $60. D. the quantity traded will be 200, and the price will be $60.