Creating a market that was previously "missing":
A. redistributes surplus from buyer to seller.
B. creates more total surplus.
C. redistributes surplus from seller to buyer.
D. redistributes surplus from one market to the one that was previously missing.
B. creates more total surplus.
You might also like to view...
Conflicts of interest is a type of ________ problem that occurs when a person or institution has multiple objectives that are in conflict with each other
A) moral hazard B) adverse selection C) risk sharing D) spinning
The sample average is a random variable and
A) is a single number and as a result cannot have a distribution. B) has a probability distribution called its sampling distribution. C) has a probability distribution called the standard normal distribution. D) has a probability distribution that is the same as for the Y1,..., Yn i.i.d. variables.
The dominant factor affecting medical care delivery and finance in the 1980s was:
a. creation of Medicare and Medicaid. b. prospective payment for hospitals. c. the explosive growth of managed care. d. the Hill-Burton Act. e. ERISA.
The price of a piece of pizza is $1, and the price of a movie is $6. The consumer has purchased 2 pieces of pizza and 2 movies, and her marginal utility from the second piece of pizza is 20 and from the second movie is 120. The consumer has an income of $21. This combination of goods
A. maximizes utility because the marginal utility of the last dollar spent on each good is the same, but it is not an equilibrium because marginal utility is not zero. B. is not an optimum because the consumer has not spent all of her money. C. maximizes utility and is an optimum because the marginal utility of the last dollar spent on each good is the same. D. is not an optimum because the marginal utility of the last dollar spent on each good is not the same.