The rate at which the federal government matches state Medicaid expenditures is
A. 0% for richer states ranging to 100% for poorer states.
B. 70% for richer states ranging to 50% for poorer states.
C. 50% for richer states ranging to 70% for poorer states.
D. 50% for all states.
Answer: C
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In the above figure, if the price is $8 per unit, how many units will a profit maximizing perfectly competitive firm produce?
A) 5 B) 20 C) 30 D) 35
If the cross elasticity of demand for potato chips and pretzels equals 1.5,
a. potato chips and pretzels must both be luxury goods. b. either potato chips or pretzels must be a luxury good, and both may be luxury goods. c. potato chips and pretzels must be substitutes. d. potato chips and pretzels must be complements.
Assume that the farmers know that their revenues would increase if each would take a certain amount of acreage out of production. An agreement to do so
A) would not be made because the farmers have no incentive to enter into it. B) would not be made because it would contradict the assumption that farmers are profit maximizers. C) probably would not be adhered to, if made, because it would be disadvantageous for the farmers as a group. D) probably would not last, if made, because each farmer would have an incentive to break it.
(Consider This) In 2013, McDonald's introduced Fish McBites, which failed to catch on with the public and was subsequently dropped from the menu. This failure illustrates the idea of
What will be an ideal response?