Healthcare price controls will lead to
a. more innovative healthcare treatments.
b. waiting lines and lengthy delays for treatment.
c. higher quality healthcare services.
d. an increase in the supply of healthcare services.
B
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Suppose that when a perfectly competitive firm produces 1,000 units of output, its total variable cost is $1,900. If the marginal cost of producing the 1,000th unit is $1.70, and if the market price of each unit of output is $1.70, then the firm should:
A. shut down. B. increase output. C. raise its price. D. continue to produce 1000 units.
Road traffic
a. should be provided free of charge b. is efficient on a toll road c. creates a positive externality d. is efficient in London, England e. creates a negative externality
Pure monopoly is able to exist because the firm's product is better than the substitutes that are available in the market
a. True b. False Indicate whether the statement is true or false
When supply is fixed, price is supply determined.
Answer the following statement true (T) or false (F)