The cost of a hospital stay has been going down slowly
a. True
b. False
Indicate whether the statement is true or false
False
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The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. At the unregulated price and quantity, Light-U-Up's economic profit is equal to
A) -$10. B) $10. C) $40. D) $60.
The fundamental problem of economics is
A. The scarcity of resources relative to human wants. B. The law of increasing opportunity costs. C. How to create employment for everyone. D. How to get government to operate efficiently.
The prisoner's dilemma is applicable only when considering the illegal behavior that firms in a non-competitive market may pursue
a. True b. False
The law of marginal diminishing returns
A) is found everywhere. B) is found only in manufacturing. C) is found only in developed economies. D) is the same as the law of diminishing marginal utility.