The costs associated with the overproduction of medical services as a result of comprehensive health insurance are passed on to everyone who has health insurance in the form of higher premiums
a. True b. False
a
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When a firm has a monopoly in a market and also perfectly price discriminates, total welfare
A) is maximized. B) is lower than in a perfectly competitive market. C) is higher than in a perfectly competitive market. D) is minimized.
A large oligopolistic firm that unilaterally makes changes in price which competitors tend to follow is known as a: a. price leader
b. price maker. c. dominant strategy firm. d. cartel leader.
The labor-force participation rate tells us the fraction of the population that has chosen to participate in the labor market
a. True b. False Indicate whether the statement is true or false
You accidentally run into your next door neighbor's fence and destroy it. Your neighbor sues you and you are required to pay $1,000 to repair the fence. This is an example of
A. the Coase theorem. B. a liability rule. C. the free-rider problem. D. an injunction.