Public funding is not a part of colonial history
Indicate whether the statement is true or false
False
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An increase in demand is reflected as a rightward (outward) shift of the demand curve and is caused by an increase in price
a. True b. False Indicate whether the statement is true or false
The demand curve for a product slopes downward and to the right because:
a. total utility decreases as more of the product is consumed. b. total utility derived from both, the product and its substitutes is the same. c. marginal utility of the product diminishes as more of the product is consumed. d. there are no substitutes for the product. e. when the price falls, the income effect causes consumers to buy less of the product.
Exhibit 7-15 Long-run average cost
If the firm represented in Exhibit 7-15 is operating with a plant whose size corresponds to short-run average total cost curve A, the level of output that would minimize its short-run average total cost is:
A. 500 units per week. B. 1,000 units per week. C. 1,500 units per week. D. 2,000 units per week.
Singapore encourages competition in its health care market by:
A. requiring hospitals to post prices for services and by government publishing hospital performance records. B. avoiding any government involvement in the health care market. C. operating government-run hospitals to compete directly with private hospitals. D. outsourcing all of its health care services to foreign providers.