If an industry has constant marginal and average costs, any shift in demand will eventually
A. result in a higher equilibrium price.
B. be met by a smaller change in quantity supplied.
C. make economic profits zero in the short run.
D. be met by an equal change in quantity supplied, and equilibrium price will not change.
Answer: D
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The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400The marginal cost of upgrading from a 2.5GHz to 3.0GHz computer is:
A. $200. B. $100. C. $400. D. $300.
Robert applied for health insurance but did not mention in the application form that his family has a history of heart ailments that are considered to be hereditary. What will happen if several customers like Robert purchase the insurance?
What will be an ideal response?
The provision of the Patient Protection and Affordable Care Act (ACA) which states that, with limited exceptions, every resident of the United States must have health insurance that meets certain basic requirements is the ________ provision
A) regulation of health insurance B) state health insurance marketplaces C) individual mandate D) employer mandate
Over the past 100 years, what has happened to the average workweek in the U.S. manufacturing industry? Why has this occurred? What are the implications for the size of the income and substitution effects?
What will be an ideal response?