That Table 8.1 shows a short-run situation is evident from
A) the linear marginal revenue function.
B) the constant price.
C) the increasing marginal cost.
D) the presence of positive costs at Q = 0.
E) the absence of marginal values at Q = 0.
D
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According to the Application
A) stable marriages account for no more happiness than marriages ending in divorce. B) reported levels of happiness in the United States have increased over the past 30 years. C) money does appear to buy happiness, ceteris paribus. D) retired people report higher levels of happiness than people below the age of 40.
An insurance company is likely to attract customers who want to purchase health insurance because they know better than the company that they are more likely to file a claim on a policy. This situation describes
A) adverse selection. B) asymmetric information. C) moral hazard. D) a premium death spiral.
Which of the following countries has a flat SAS curve?
A) Brazil B) U.S. C) Argentina D) All of the above.
Perfectly competitive markets are efficient because
A) they always reach equilibrium. B) firms in the market are price takers. C) the cost to society for producing the goods is exactly equal to the value that society places on the good. D) the long run equilibrium assures that the prices of resources will not increase.