The fact that many primary and secondary school teachers enjoy work schedules that coincide with their children's school schedules:
A. implies that teachers will earn more than workers with similar qualifications in other jobs.
B. implies that teachers will earn less than workers with similar qualifications in other jobs.
C. arises because the market for teachers is a winner-take-all market.
D. has no bearing on the wages of teachers relative to the wages of workers in other jobs.
Answer: B
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One of the most serious weaknesses in the Medicare system is that
a. patients are not able to choose their own physicians. b. the definition of an episode of illness is too restrictive. c. it provides poor insurance coverage for unusually long hospital stays. d. patients must pay a deductible every time they enter the hospital. e. Part B is voluntary.
If the average variable cost curve is above the marginal cost curve, then
A) marginal costs must be decreasing. B) average variable costs must be increasing. C) marginal costs can be either increasing or decreasing. D) marginal costs must be increasing.
Figure 3-18
Refer to . Which area represents consumer surplus at a price of P2?
a.
ABD
b.
ACF
c.
BCDE
d.
DEF
A rise in X-inefficiency:
A. does not affect costs, only the price and quantity. B. shifts the ATC curve up. C. shifts the ATC curve down. D. shifts the ATC curve down or up, depending on the nature of the inefficiency.