The impact of technological change in the health-care area has been to
A) increase both the quality of health care and the monetary costs of health care.
B) increase the monetary costs of health care and decrease the quality of health care.
C) decrease the monetary costs of health care while decreasing the quality of health care.
D) increase longevity but decrease quality of life.
Answer: A
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These are the cost and revenue curves associated with a monopolistically competitive firm.
According to the graph shown, area A represents:
A. profits earned in the short and long run. B. profits earned in the short run. C. consumer surplus. D. profits earned in the long run.
Refer to the above figure. Suppose that the supply curve shifts from SA to SB while the demand curve remains at DA. Which of the following is TRUE?
A. Only quantity demanded has decreased. B. Only quantity supplied has increased. C. Supply has increased. D. Supply has decreased.
The above figure shows the situation of a monopolistic competitor in the short run. The maximum economic profits of the firm equal
A. $30,000. B. $50,000. C. zero. D. 15,000.
Efficient financial institutions foster the flow of:
A. Saving and investment B. Spending and income C. Resources and products D. Inventions and ideas