The number of people willing to buy tickets to the Super Bowl is invariable greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is
What will be an ideal response?
Lower than the equilibrium price
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All else constant, if the use of historic costs understates the opportunity costs associated with using a particular piece of capital, economic profit will be overstated
Indicate whether the statement is true or false
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
Examine the effect Medicare and Medicaid have on the bills patients with private health insurance pay
What will be an ideal response?
Scarcity guarantees that
A) demands will exceed wants. B) wants will exceed demands. C) demands will be equal to wants. D) most demands will be satisfied.