Implicit costs are usually easier to measure than explicit costs
Indicate whether the statement is true or false
FALSE
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If the probability of the bad outcome is 0.5, the benefit level of actuarily fair insurance will be half the premium.
Answer the following statement true (T) or false (F)
An market in which the Herfindahl-Hirschman Index (HHI) is 2,500 is considered to be
A) an oligopoly. B) monopolistically competitive. C) a monopoly. D) perfectly competitive.
"Natural unemployment" includes those out of work because of
A) expected or normal turnover which will always characterize a part of the labor force. B) structural unemployment caused by normal technological change in production. C) a recession. D) A and B.
Which of the following markets are closest to perfectly competitive
a. The market for smart phones b. The market for generic pharmaceuticals c. The market for sport shoes d. The market for fast food