Refer to Figure 9.3. What is the smallest sales quantity that this firm will produce at any price?
A. 0
B. Q1
C. Q2
D. Q3
B. Q1
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Enrollment in the Medicaid program
A. is designed for those persons 65 years of age and older. B. has increased due to expanded eligibility. C. covers all medical expenses that a poor person may incur. D. requires a substantial co-payment that has not been helpful to poor families.
All of the following are shortcomings of GDP as a measure to human well-being except it:
a. Excludes quality improvements that do not increase price or quantity sold. b. Excludes international transactions. c. Excludes black market and underground transactions. d. Counts harmful and dangerous output the same as useful output. e. Excludes non-market transactions.
A natural correction to employer discrimination in market economies is the
a. threat of judicial review. b. profit motive. c. political process. d. union movement.
The evidence on how minimum wage laws affect the real world:
A. shows clearly that such price floors cause unemployment. B. is mixed. C. shows clearly that there is simply a transfer of surplus from employer to worker. D. None of these statements is true.