As baby boomers move into their retirement years, the incomes of geriatricians (doctors for the aged) will most likely
a. fall due to a fall in the demand for geriatricians
b. rise due to a fall in the price of complementary inputs
c. rise due to a rise in the demand for geriatricians
d. fall due to a drop in the number of medical providers
e. rise due to a rise in the supply of geriatricians
C
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The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $100 a piece to produce, what is the efficient quantity of submarines?
A) 0 B) 1 C) 2 D) 3
If one firm advertises and other firms in the market don't, then ______
A. the demand for the advertised good becomes more elastic B. the profit-maximizing quantity of the advertised good decreases be-cause total fixed costs increase C. the average cost of producing a small quantity of the advertised good rises but the average total cost of producing a large quantity might fall D. the economic profit made from the advertised good increases
In the long run
a. all inputs are fixed. b. all inputs are variable. c. some inputs are fixed. d. production levels never change.
Poverty is defined in two ways: the absolute concept of poverty and the relative concept of poverty
a. True b. False Indicate whether the statement is true or false