If an individual perfectly competitive firm charges a price below the industry equilibrium price, it will
A. not sell anything.
B. sell all that it produces and gain more revenue than competing firms will.
C. sell all that it produces but gain less revenue than competing firms will.
D. sell part of what it produces.
Answer: C
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Receiving $100 at the end of the next three years is worth more to me than receiving $260 right now, when my required interest rate is 10%
a. True b. False
In 2008, the state of Oregon used a lottery to extend Medicaid coverage to an additional 10,000 residents (often called the Oregon Experiment). Two years after enrollment, the lottery winners (the treatment group):
a. had lower overall health care spending. b. experienced an increase in the probability of receiving a diagnosis of diabetes and the use of drugs to control the condition. c. had significant improvement in their quality of life measured by blood pressure, cholesterol, and blood sugar levels. d. had fewer emergency room visits than those who lost the lottery (the control group). e. had lower predicted risk of cardiovascular episodes.
Define a sole proprietorship
What will be an ideal response?
At the Larson Bakery the marginal products of the first, second, and third sales clerks are 30, 27, and 21 customers served, respectively. The total product (number of customers served) of the three sales clerks is
A. 30. B. 57. C. 78. D. 109.