The opportunity cost of attending college is likely to be higher for a high school graduate who leaves a job grilling hamburgers than it is for a high school dropout who leaves a job working as a computer network administrator
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 7-5. With insurance and a third-party payer system, what price do doctors receive for medical services?
A) $40 B) $55 C) $65 D) > $65
A monopoly's output decision depends only on the shape of its marginal cost curve
Indicate whether the statement is true or false
Which of the following is a surplus item in the U.S. current account?
A) The U.S. government reduces the tariff rates on some imported goods. B) IBM pays dividends to British shareholders. C) Finn vodka becomes more popular in the United States. D) The U.S. government cuts back on military personnel stationed in S. Korea.
What are the assumptions of the model of perfect competition? Explain why each is important for short-run and long-run equilibrium.
What will be an ideal response?