In a competitive industry
a. firms produce a product or service with very close substitutes
b. the firms products have a very elastic demand
c. the firms have many rivals
d. all of the above
d
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If supply of a product increases and demand for the product decreases, equilibrium quantity will definitely change
Indicate whether the statement is true or false
The French respect individual freedoms even as they accept collective action to reach important national goals of social solidarity and equality. What has been the major cost of a government-run system in France?
a. The long waiting lists of expensive medical services. b. The high out-of-pocket spending with over 90 percent of the population purchasing supplementary private insurance. c. An erosion of the incomes of physicians relative to those of the average wage and salary worker. d. An erosion of physician autonomy in making treatment decisions. e. Both b and c are true.
A decrease in disposable income causes a shift in the consumption function
a. True b. False Indicate whether the statement is true or false
Skeptics have been historically incorrect about
A. the depletion of earth’s most valuable resources. As resource prices increase, more discoveries have been made. B. market-based approaches in reducing pollution. Zero pollution has been achieved. C. the depletion of earth’s most valuable resources. As resource prices decrease, firms are incentivized to sell all their holdings before prices continue to fall. D. state owned firms. They traditionally perform better than markets with pollution charges.