Households
A) purchase final goods and services in the factor market.
B) purchase final goods and services in the product market.
C) purchase resources in the product market.
D) purchase resources in the factor market.
Answer: B
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In cost-benefit analysis, intangibles include such factors as:
a. quality of life considerations b. changes in land values resulting from a project c. aesthetic contributions d. a and b only e. a and c only
heck My Work Use the following scenario for the question below. A group of 100 people seeks out an insurance company to underwrite health insurance for its members. The expected medical spending for the group is $150,000. If an additional 10 people, who have expected medical spending of $5,000 per person on average, join the group, the new premium will be approximately:
a. $2,300. b. $1,818. c. $5,822. d. $2,090. e. $2,139.
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting when:
A. firms are positive but not large economic profit. B. the firm is earning zero economic profit. C. the firm is earning negative economic profit. D. price falls to marginal cost.
Exhibit 11-8 A labor market
If the labor market shown in Exhibit 11-8 is competitive, the wage rate and number of workers employed will be determined at point:
?
A. F. B. B. C. C. D. D.