If there are 200 physicians per 100,000 population in the United States generally, but over 500 per 100,000 population in San Francisco,
A) physicians are not scarce in San Francisco.
B) physicians particularly enjoy living and working in San Francisco, for financial and other reasons.
C) residents of San Francisco necessarily need more medical services than the average American.
D) there is a shortage of patients in San Francisco.
E) there is a surplus of physicians in San Francisco.
B
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Suppose a paper mill earns $1,000,000 in profits when it pollutes a river, and it can abate pollution at a cost of $A. The effects of the pollution are confined to a single farmer who earns $400,000 if the water he uses from the river is clean and $300,000 if it's polluted. Which of the following expressions gives the combined profit of both firms with abatement?
A. $(1,300,000 - A) B. $(1,400,000 - A) C. $(700,000 + A) D. $(1,700,000 - A)
Asymmetric information is a form of
A) market imperfection. B) regulatory arbitrage. C) capital market liberalization. D) financial sector deregulation.
Why is the advent of monopoly likely to shift cost curves?
In practice, distribution under socialism is primarily determined by:
A. the ability of each individual to produce. B. individual altruism and cooperation. C. central planners within the government. D. market forces of supply and demand.