The figure above shows the market for annual influenza immunizations the United States. With no government intervention, the market equilibrium is at a price of ________ and ________ million immunizations per year
A) $60; 14
B) $40; 14
C) $30; 14
D) $40; 22
E) None of the above answers is correct.
C
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Which of the following signals a positive economic statement?
a. value judgment b. should be c. opinion d. ought to be e. was
Movies are a major export of the U.S
a. True b. False Indicate whether the statement is true or false
Suppose that the implicit cost for a business was $2,000 and the explicit cost was $5,000 and that the firm sold 1,000 units of its products at $7 per item. We can conclude that the firm's
A. accounting and economic profits were both $0. B. accounting profit was $7,000, and its economic profit was $0. C. accounting profit was $2,000, and economic profit cannot be determined. D. accounting profit was $2,000, and economic profit was $0.
Cross-subsidization occurs when
A. The government subsidizes production of a product. B. Profitable firms in an industry are forced to share their profits with the unprofitable firms. C. Firms are required to subsidize government research and development that may benefit their industry. D. Profits on one product are used to subsidize low prices on another product.