Each point on a supply curve represents
A) the highest price buyers will pay for the good.
B) the lowest price for which a supplier can profitably sell another unit.
C) the lowest price buyers will accept per unit of the good.
D) the highest price sellers can get for each unit over time.
B
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The Sherman Act
a. prohibited restraint of trade b. created the Federal Trade Commission c. prohibited fraudulent advertising d. regulated the railroads e. exempted insurance companies from antitrust law
Recall the Application about genetic testing and adverse selection to answer the following question(s).According to the Application, can health insurance companies decline insurance to those who test positive for APOE4, a mutation of a gene that increases the risk for Alzheimer's?
A. Yes, but individuals are not required to divulge to insurance companies the results of APOE4 tests. B. No, it is illegal to use genetic testing results to determine long-term insurance premiums. C. Yes, it is required by law that insurance companies use genetic testing results to determine long-term insurance premiums. D. No, tests for APOE4 is not an exact science, and is used for entertainment purposes only.
Workers expect inflation to rise from 3% to 5% next year. As a result, this should
A) shift the short-run aggregate supply curve to the left. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the right. D) move the economy up along a stationary short-run aggregate supply curve.
A decrease in efficiency would shift the long-run aggregate supply curve:
A) rightward. B) leftward. C) no shift. D) none of the above.