Experience rating systems for pricing insurance are based on past medical bills of a firm's employees.
Answer the following statement true (T) or false (F)
True
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The United States can produce 1,000 shoes if it specializes in shoe production. Alternatively, it can produce 500 shirts. Taiwan can produce 500 shoes or 200 shirts. Explain which country will specialize in shoe production and which in shirt production. What are the possible terms of trade?
What will be an ideal response?
Suppose the cost curves in the above figure apply to all firms in the market. Then, if the initial price is P1, in the long run the market
A) demand will increase. B) demand will decrease. C) supply will increase. D) supply will decrease.
In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve. B) a perfectly vertical labor supply curve. C) a perfectly elastic labor supply curve. D) none of the above.
The public goods problem refers to the tendency for private individuals to provide pure public goods in less-than-socially-ideal amounts because of free riding
Indicate whether the statement is true or false