From an input perspective,
A. only the cost of a product matters.
B. only the performance of the product matters.
C. both the price and performance of the product matter.
D. the price and performance of the product have to be compared to alternatives.
D. the price and performance of the product have to be compared to alternatives.
You might also like to view...
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.
Which of the following statements is true about the Canadian health care system?
a. Many Canadians travel to the U.S. in order to receive expensive treatments. b. Canadians have the option of purchasing private health insurance if they can afford it. c. Canadian physicians are salaries employees of the provincial health plans. d. Canadian hospitals have significant excess capacity that is used to treat patients from foreign countries. e. Canadian physicians are allowed to "balance bill" patients for certain high-cost procedures.
As the price of land decreases along its demand curve, the relative price of land
a. increases because the prices of other resources have also decreased b. decreases because the prices of other resources have also decreased c. increases because the prices of other resources have increased d. decreases because the prices of other resources are held constant e. remains constant because the prices of other resources also increase
If there is more production of final goods in the economy, then income ___.
A. will fall B. might fall C. will rise D. might rise