Typically, the higher the level of income per person in a country, the higher the level of spending per person on health care. This relationship between income and spending indicates that health care is a
A) inferior good. B) necessity. C) normal good. D) luxury.
C
Economics
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If marginal revenue and marginal cost are not equal, profit can be maximized by
A. increasing output if MR > MC. B. decreasing output if MC > MR. C. moving to the output where the slopes of TR and TC are equal. D. All of the responses are correct.
Economics
Markets can be least well-defined by
a. product similarity b. location c. price elasticity d. cross-price elasticity e. degree of firm interdependence
Economics
As a market-based society, non-profit firms are illegal in the U.S
Indicate whether the statement is true or false
Economics
An independently floating exchange rate is adjusted periodically at a fixed pronounced rate.
a. true b. false
Economics