Total cost is equal to what?
a. Implicit Costs
b. Opportunity Costs
c. Fixed Costs + Variable Costs
d. Implicit Costs + Fixed Costs
c
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Discuss whether or not a competitive, profit-maximizing firm would ever cease hiring workers if the marginal product of the next worker is higher than that of the last worker hired (that is, the firm is on the increasing portion of its marginal product curve).
What will be an ideal response?
Insurance companies try to mitigate the problem of adverse selection by:
A. asking potential customers a seemingly endless list of questions to gain as much information as they can about the person's risk characteristics. B. charging a higher premium to groups with similar ages or behaviors that correlate with risky behavior. C. charge a higher price to all individuals to cover the lack of information. D. All of these statements are true.
Serious concern for deregulation began to appear in Congress in the 1970s
a. True b. False Indicate whether the statement is true or false
Voluntary exchange results in mutual gains
a. True b. False Indicate whether the statement is true or false