Economists are general supporters of farm price support programs as being economically efficiency enhancing.
Answer the following statement true (T) or false (F)
False
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The goal of the business firm is maximization of ____, and the goal of the consumer is maximization of ____.
A. total sales; income B. total profit; utility C. total output; utility D. total sales; utility
The demand for labor by a certain firm is independent of the demand for that firm's product
a. True b. False Indicate whether the statement is true or false
Monopolistic competition is similar to monopolies in that
A. both have downward sloping demand curves. B. both have identical demand and marginal revenue curves. C. both make zero economic profits in the long run. D. both have unique products with no close substitutes.
Medical insurance covering routine medical care became common:
A. starting in the 1990s. B. around 1900. C. starting after World War II. D. in the 1920s.