Humana Hospital's price/marginal cost ratio of 2.3 is most likely to decline if
A) the number of nearby hospitals increases.
B) the number of nearby hospitals decreases.
C) the demand curve for hospital services shifts rightward.
D) the demand curve for hospital services becomes steeper.
A
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Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 2%; scenario B has an average annual growth of 4%. The nation's real GDP would double in about
A. 36 years under scenario A, versus 18 years under scenario B. B. 36 years under scenario A, versus 9 years under scenario B. C. 18 years under scenario A, versus 9 years under scenario B. D. 25 years under scenario A, versus 12.5 years under scenario B.
Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. The lemonade market in Jenny's neighborhood is more likely to be perfectly competitive if:
A. each lemonade stand sells the same kind of lemonade. B. each stand tries to get more customers by offering different varieties of lemonade and snacks. C. some of the neighborhood parents build elaborate booths for their kids' stands while some kids sell from makeshift tables. D. all of the kids advertise heavily.
What is the main problem with using physical units, instead of dollars, as the measure of total economic activity?
a. Other countries do not use units of measurement. b. Units of measurement are more difficult to calculate than dollars. c. Physical units of measurement change from year to year. d. Different products have different units of measurement.
Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. Diminishing returns to labor set in with the ________ worker.
A. first B. second C. third D. fourth