Punitive damages in medical malpractice cases
a. ensure that successful plaintiffs receive full compensation for their losses.
b. serve the same purpose as criminal & civil penalties, such as jail sentences & fines.
c. redistribute income from defendants to successful plaintiffs.
d. ensure that the cost of risk avoidance falls on providers.
e. fully compensate victims for their losses.
B
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The Buda Agri Corporation is the sole employer in rural Hungary. In the labor market, Buda Agri is a
A) monopolistic competitor. B) perfect competitor. C) monopsony. D) monopoly.
A firm is concerned about the possibility of patent infringement and has hired an attorney to review patents. If the attorney is reviewing 100 patents and the marginal cost of reviewing the 100th patent is $40 and the expected marginal benefit of reviewing the 100th patent is $45, which of the following is true?
A) The firm's total cost of infringement will decrease if the number of patents reviewed decreases. B) The firm is minimizing the total cost of infringement. C) The firm's total cost of infringement will increase if the number of patents reviewed increases. D) The firm's total cost of infringement will decrease if the number of patents reviewed increases.
Under perfect competition, no matter how much output is produced, the total revenue curve is:
a. a positively-sloped line. b. a negatively-sloped line. c. a horizontal straight line. d. a U-shaped curve. e. a hill-shaped curve.
Suppose the production function is given by Q = min{K, L}. How much output is produced when 10 units of labor and 9 units of capital are employed?
A. 0 B. 4 C. 13 D. 9