A reduced demand for lawyers' services to prosecute damage suits
A) lowers the cost of hiring a lawyer to draw up a will.
B) raises the cost of hiring a lawyer to draw up a will.
C) raises the demand for lawyers' services in drawing up wills.
D) will not affect the cost of hiring a lawyer to draw up a will though it could affect lawyers' fees.
A
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The benefit received from the continuance of an environmental good is called
a. user value c. existence value b. stewardship d. vicarious consumption
Refer to the Article Summary. The article discusses the rising administrative costs of health care
Even if private insurance companies were more efficient and brought administrative costs down, consumers would still pay less than the full cost of medical treatment. This would result in the market equilibrium price of medical services being ________ than the efficient equilibrium price, and the market equilibrium quantity of medical services being ________ than the efficient equilibrium quantity. A) less; less B) greater; less C) less; greater D) greater; greater
We assume that in the long run in a perfectly competitive market:
A. the firms can enter or exit. B. the number of firms is fixed. C. the price will be constant. D. collusion will set in without government regulation.
Gross fiscal expenditure in a country increased by $100,000 during a certain year. If the marginal propensity to consume is 0.8, then real GDP in this country has increased by:
a. $400,000. b. $800,000. c. $200,000. d. $500,000.