Which of the following best explains why physical therapists' salaries have increased substantially over the last decade?
a. Physical therapists today are smarter.
b. The supply of physical therapists has increased.
c. The supply of physical therapists has decreased.
d. The demand for physical therapists has increased.
e. The demand for physical therapists has decreased.
D
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In the dominant firm model, the fringe firms
A) are price takers. B) maximize profit by equating average revenue and average cost. C) determine their price and output before the dominant firm determines its price and output. D) all of the above E) none of the above
Inventories are goods that can be considered as "purchased" by
a. the firms that produce them. b. the consumers that ultimately buy them. c. the government since they are tax deductible. d. no one since they are not counted as part of GDP.
Under what circumstances would a voter rationally choose to be ignorant rather than informed of the public choices at hand in an election?
a. When the benefit consumers anticipate from becoming informed and voting exceeds the cost. b. When information and the time required to acquire and digest it are scarce, consumers concentrate on public choices rather than private choices. c. When information and the time required to acquire and digest it are scarce, consumers concentrate on private choices rather than public choices. d. When the anticipated benefit from voting to consumers is lower than the cost.
The criterion introduced by the Supreme Court in 1911 to determine whether a particular action was illegal or legal within the terms of the Sherman Act is called the
A. Rule of Reason. B. Interstate Commerce Rule. C. Federal Trade Commission Rule. D. Clayton Act Rule.