A company buys new equipment that enables it to supply automobiles at a faster rate. Which SPENT letter does this example apply to?
a. P
b. E
c. N
d. T
d. T
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As residents of developing countries increase their chocolate consumption, the increased production of cocoa results in
A) increased opportunity cost of cocoa production. B) decreased opportunity cost of cocoa production. C) no change in production of other goods and services. D) increased production of other goods and services.
The supply curve of a uniquely talented actor or superstar athlete will be perfectly inelastic
Indicate whether the statement is true or false
In a perfectly competitive market, the demand curve faced by each firm is:
a. highly inelastic. b. perfectly elastic. c. perfectly inelastic. d. less elastic.
The health care system in Japan is referred to as ________, under which every resident of Japan is required to enroll in either a private, or the government-provided, health insurance program
A) an out-of-pocket system B) a single-payer health care system C) a universal health insurance system D) socialized medicine