As gasoline prices increase, which of the following will happen?
a. Demand will increase.
b. Supply will be reduced.
c. Supply will increase.
d. Demand will drop significantly.
Answer: c. Supply will increase.
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A firm is a monopoly if
a. it faces a demand curve for its product that equals market demand. b. it is a very large firm. c. it takes its rivals' actions into account when choosing its price and output levels. d. its production decisions do not affect the price of its product.
Children of female householders are ________ times more likely to live in poverty than are other children
a. three b. four c. five d. six
The invisible hand principle indicates that competitive markets can help promote the efficient use of resources
a. only if buyers and sellers really care, personally, about economic efficiency. b. even if business firms fail to produce goods efficiently. c. even when market participants care only about their own self interests rather than about the overall efficiency of resource use. d. if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely.
A health maintenance organization that contracts with individual physicians or group practices to provide care for a specified group of enrollees is called:
a. a network-model HMO. b. a group-model HMO. c. an IPA. d. a staff-model HMO. e. a direct-contract HMO.