A transfer payment is a government payment
a. to companies that provide goods or services to government agencies.
b. designed to transfer funds from one government agency to another.
c. which transfers revenue from the federal government to state government.
d. not made in exchange for a good or service.
d
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Refer to Figure 7-4. If consumers paid the full price of medical services, the equilibrium quantity would be
A) 200. B) 500. C) 700. D) >700.
In the situation involving a bilateral monopoly, a
A) single firm acts as both the monopsonist and the monopoly. B) single seller sells to a single buyer. C) monopsonist sells to a monopsonist. D) monopolist sells to a monopolist.
The absolute price elasticity of demand for a vertical demand curve
A) is infinite. B) is 1.0. C) is 0. D) depends on where one is on the demand curve.
The length of the short run
a. is different for different types of firms. b. can never exceed 3 years. c. can never exceed 1 year. d. is always less than 6 months.