Suppose robotic technology improves the results of abdominal surgery—less time to perform the surgery, faster recovery times, and fewer mistakes. What is the impact on the market for abdominal surgery using this new technology?
a. Demand for robot-assisted surgery will increase.
b. Hospitals will be slow to adopt the new technology fearing that it may result in lower prices.
c. The demand for surgical assistants will increase.
d. All of the above.
A
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Use the figure below to answer the following question:
In the graph above, what is the price elasticity of supply (using the midpoint formula) between points A and B?
A. 3 B. 1/3 C. 2 D. 1
If Fred's marginal utility of pizza equals 10 and his marginal utility of salad equals 2, then
A) he would give up 5 pizzas to get the next salad. B) he would give up 5 salads to get the next pizza. C) he will eat five times as much pizza as salad. D) he will eat five times as much salad as pizza.
If firms pollute when they produce:
a. marginal social cost equals marginal private cost. b. marginal private cost exceeds marginal social cost. c. marginal social cost exceeds marginal private cost. d. marginal social cost equals marginal external cost.
A product in the first stage of production is defined as a(n):
a. basic need. b. investment. c. environmental product. d. primary product. e. transitory product.