Risk pooling:
A. reduces the risk of catastrophes happening collectively to groups.
B. doesn't reduce the chances of catastrophes happening to individuals.
C. assures the individuals that they are less likely to have a catastrophe occur.
D. None of these statements is true.
Answer: B
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At many municipal golf courses, local residents pay a lower fee to play than other golfers do. One necessary condition for the golf course to be able to successfully price discriminate according to residency is that
A) they can check the identification cards of golfers. B) local resident golfers and other golfers have the same price elasticity of demand to play at the municipal course. C) there are many golf courses nearby from which golfers can choose. D) they require all golfers to rent a cart.
The supply curve for a competitive firm is
A) its entire MC curve. B) the upward-sloping portion of its MC curve. C) its MC curve above the minimum point of the AVC curve. D) its MC curve above the minimum point of the ATC curve. E) its MR curve.
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna holds an auction between the two bidders, and both have high values, she would earn ___ from the auction
a. Just above $100 b. $100 c. Just above $70 d. $70
An improvement in the technology for producing a good will shift the supply curve for that good to the left.
Answer the following statement true (T) or false (F)