Refer to the information below. If the firms compete, what is the equilibrium price in the market?
A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month.
A) $100,000 B) $500 C) $50,000 D) $10,000
D) $10,000
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When an asset is used as a universal yardstick that is used for expressing the worth of different goods and services, it is serving the function of a ________
A) unit of account B) medium of exchange C) store of value D) loanable fund
The health care system in the United States is referred to as ________, a system where private doctors and hospitals provide almost all health care services
A) a single-payer system B) a universal health insurance system C) socialized medicine D) a private health care system
Hyperinflation may cause the collapse of the market system.
Answer the following statement true (T) or false (F)
A productivity increase is illustrated by a shift in the production function
A. downward. B. leftward. C. upward. D. rightward.