The figure above shows the market for annual influenza immunizations the United States. If the government does not intervene in this market, deadweight loss equals ________
A) $350 million
B) $250 million
C) $500 million
D) $600 million
E) $37.5 million
B
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If interest rates are lowered
A. people are more likely to save their money in banks. B. people are not affected by interest rates being lowered, only when interest rates are raised. C. entrepreneurs are more likely to expand a business by borrowing money. D. entrepreneurs are less likely to borrow money.
An event that allows the economy to operate more efficiently by producing more outputs without using any more inputs is referred to as
A) technological progress. B) absolute progress. C) efficiency progress. D) capital investment.
Under certain conditions, the slope of the marginal revenue product curve reflects the combined effects of diminishing marginal returns and a declining price of the product the firm sells. What are these conditions?
a. The firm must be a price searcher in both the product market and the resource market. b. The firm must be a price searcher in the product market, regardless of whether it is a resource price searcher. c. The firm must be a price searcher in the product market but not necessarily in a perfectly competitive resource market. d. The firm must be a price searcher in a perfectly competitive product market. e. The firm must operate in a decreasing-cost industry.
A measure of sensitivity or responsiveness to changes in price or income is called
a. elasticity b. technology c. supply and demand d. social pressure e. kickback