To tell a compelling story, an economist relies on
a. case studies
b. anecdotes
c. irrelevant data
d. anecdotes and irrelevant data
e. case studies and anecdotes
E
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If a firm spends $600 more on advertising, its
A) ATC and MC curves shift upward. B) MC curve shifts upward and its ATC curve does not shift. C) ATC curve shifts upward and its MC curve does not shift. D) ATC curve shifts upward and its MC curve shifts downward.
In the United States, the bulk of health care spending is paid by health insurance companies
Such a system is also called a third-party payer system where consumers of health care pay a nominal fee and the rest are paid by the health insurance provider. Why might such a system lead to an inefficient outcome? A) Consumers fearing that excessive use of health care services may lead to a rise in insurance premiums tend to under-consume health care services. B) Health insurance companies have an incentive to control cost and therefore tend to deny consumers many cutting edge medical treatments. C) Consumers have an incentive to over-consume health care services because they pay prices well below the cost of providing these services. D) Physicians concerned that insurance companies may not approve payments tend not to order expensive tests for their patients.
Total producer surplus is the area below the equilibrium price and above the supply curve
a. True b. False Indicate whether the statement is true or false
Related to the Economics in Practice on p. 79: If the supply of generators decreased and the equilibrium price of generators decreases, the demand for generators ________ and total revenue from the sale of generators ________.
A. increased; may increase, decrease, or stay the same B. may have increased, decreased, or stayed the same; will decrease C. may have increased; decreased, or stayed the same; may increase, decrease, or stay the same D. decreased; will decrease