An efficient clinic
A. will have higher costs than other clinics with similar quality of care.
B. will have lower quality than other clinics with similar costs.
C. will have higher margins than an inefficient competitor.
D. will produce substandard care.
C. will have higher margins than an inefficient competitor.
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Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the quantity of apartments demanded at the new price?
A) 0 B) Q0 C) Q1 D) Q*
An increase in the marginal rate of return on bread-mixing machines would
a. reduce the supply of loanable funds and reduce the equilibrium market interest rate b. reduce the supply of loanable funds and increase the equilibrium market interest rate c. increase the supply of loanable funds and reduce the equilibrium market interest rate d. increase the supply of loanable funds and increase the equilibrium market interest rate e. increase the demand for loanable funds and increase the equilibrium market interest rate
How do economies of scale contribute to the development of an oligopoly?
A) Economies of scale make it legally difficult for new firms to enter. B) Economies of scale make small-scale producers inefficient. C) Economies of scale are based on control of a key resource, without which other firms cannot enter an industry. D) Economies of scale are guaranteed when a patent is granted.
Academic book publishers hire editors, designers, and production and marketing managers who help prepare books for publication
Because these employees work on several books simultaneously, the number of people the company hires will not go up and down with the quantity of books the company publishes during any particular year. The salaries and benefits of people in these job categories will be included in A) fixed cost but not variable cost and total cost. B) fixed cost and marginal cost but not variable cost. C) fixed cost and total cost but not variable cost. D) marginal cost and total cost but not fixed cost.