Because a type of fish is on the verge of extinction, the government imposes rules that prohibit fishing in the publicly spawned grounds. At first, owners of fishing boats complain about this restriction on where they can fish, but soon they notice that the number of adult fish swimming outside the protected area is much higher than it was before. With the restriction, each fishing boat ends up catching more fish than it did before the restriction was in place. Which of the following principles of economic interaction best describes this scenario?

If fewer families choose to purchase medical insurance because of rising health insurance premiums, then:

A. the frequency of illness in the general population will fall. B. those who remain insured will tend to spend less on health care. C. those who remain insured will tend to have lower-than-average rates of illness. D. those who remain insured will tend to have higher-than-average rates of illness.

Simon is given a free ticket to see Coldplay Saturday night. He already has a ticket to see Sting in concert that night. The Sting ticket cost Simon $50 though he would have paid as much as $80 to go to the show

Simon knows that he can easily sell the Sting ticket on Craigslist for $60. What is his opportunity cost of seeing Coldplay?

Which of the following is true for a price-searcher firm?

a. Its marginal revenue curve will lie below its demand curve. b. Its marginal revenue curve will lie above its demand curve. c. Its marginal revenue curve is equal to its demand curve. d. Its marginal revenue curve is horizontal at the market equilibrium price.

The market supply curve shows how the total quantity supplied of a good varies as input prices vary, holding constant all the other factors that influence producers' decisions about how much to sell

a. True b. False Indicate whether the statement is true or false