A perfectly elastic demand curve is a vertical line
Indicate whether the statement is true or false
False
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Joe sold gold coins for $1,000 that he bought a year ago for $1,000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he did lose money because he could have received a 3% percent return on the $1,000 if he had bought a bank certificate of deposit instead of the coins. The economist's analysis in this case incorporates the idea of
A. opportunity costs. B. imperfect information. C. marginal benefits that exceed marginal costs. D. normative economics.
In the above figure, the optimal level of pollution cleanup is
A) Q1.
B) Q2.
C) Q3.
D) Q4.
Answering the For Whom to Produce question means that:
A. society is determining the size of the economic pie, B. scarcity no longer restricts production. C. society must have a method to decide who will be rich and who will be poor. D. an economy is selecting among its resources for production.
Health care expenditures coming directly out of consumers' pockets, primarily in the form of deductibles and copayments, account for what percent of U.S. health care spending?
A. 17 percent. B. 33 percent. C. 50 percent. D. 83 percent.