Which of the following conditions would prevent price discrimination?
a. the ability to identify customers who are willing to pay more
b. the ability to prevent low-price customers from reselling to high-price customers
c. perfect competition
d. a monopoly market structure
e. profit maximization
C
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What is adverse selection?
A) It refers to the situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction. B) It refers to the actions people take after they have entered into a transaction that make the other party to the transaction worse off. C) It refers to the private, self-interested actions people that people pursue, which when taken collectively leads to a loss in economic surplus. D) It refers to the actions people take before they enter into a transaction so as to mislead the other party to the transaction.
In the long-run equilibrium for a perfectly competitive market, firms will choose the level of output where
a. profit is minimized b. short-run average total cost is minimized c. long-run average total cost is minimized d. short-run profit is maximized e. long-run average fixed cost is minimized
As the baby boom generation (born between 1946 and 1964) ages, which of the following is a likely outcome?
a. A movement to the left in the demand for nursing home beds b. A movement to the left in the supply of nursing home beds c. A movement to the right in the supply of nursing home beds d. A movement to the right in the demand for nursing home beds
Which of the following is a provision of the Patient Protection and Affordable Care Act?
A. Insurance companies may not legally deny coverage to anyone on the basis of a preexisting medical condition. B. Every firm must purchase health insurance for their employees or face a $2,000 fine per employee. C. Every individual must purchase their own health insurance for themselves and their dependents or pay a fine. D. Adult children of parents with employer-provided health insurance can remain covered by their parents' insurance through age 35.