Refer to the graph below representing the purely competitive market for a product. When the market is at equilibrium, the total opportunity cost of producing the equilibrium output level would be represented by the area:
A. b + c
B. b
C. c
D. a + b + c
C. c
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Discuss how taxes affect product and input markets
What will be an ideal response?
Suppose the economy is at a short-run equilibrium GDP that lies above potential GDP. Which of the following will occur because of the automatic mechanism adjusting the economy back to potential GDP?
A) Output will increase. B) Short-run aggregate supply will shift to the left. C) Unemployment will decline. D) Prices will decline.
An individual with no deductible on his or her health insurance policy will tend to engage in a lifestyle that is less healthy than a person with a $2,000 insurance deductible. This is said to be a problem of
A) healthy selection. B) moral hazard. C) wellness training. D) blue-zoning.
What are the types of training that police officers receive and what are their purposes?
What will be an ideal response?