In some countries, medical care is provided free-of-charge to citizens and is paid for by the government. In those countries, medical care:
A. is rationed by some non-monetary method.
B. does not exhibit diminishing marginal returns.
C. is available at zero opportunity cost.
D. is not a scarce resource.
Answer: A
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Suppose that the price elasticity of demand for snow shovels is –1.2 . What would have to happen to the price of a snow shovel for the quantity demanded to fall from 2,000 to 1,800? Use the midpoint formula in your calculations
What will be an ideal response?
The demand for most agricultural products tends to be
a. both price and income elastic b. both price and income inelastic c. price inelastic and income elastic d. price elastic and income inelastic e. of unitary price elasticity and income elastic
A monopolist maximizes profit when the total revenue curve is furthest above the total cost curve
a. True b. False Indicate whether the statement is true or false
Games:
A. may have noncooperative equilibriums that are positive-positive outcomes. B. must have a dominant strategy present in order to reach an equilibrium. C. only have one possible stable outcome. D. None of these statements is true.