A severe freeze has once again damaged the Florida orange crop. The impact on the market for oranges will be a leftward shift of:
a. the demand curve, as consumers try to economize because of the shortage
b. the demand curve and a rightward shift of the supply curve.
c. the supply curve.
d. the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price.
c
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Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
a. Diane's wage b. Sam's time c. Diane's tips d. Sam's tips e. both Diane's and Sam's tips
To maximize profit, a monopsonist hires workers up to the point at which marginal factor cost (MFC) equals marginal revenue product (MRP)
a. True b. False Indicate whether the statement is true or false
Public goods have two distinct features: nonexclusiveness and nonrivalry
Indicate whether the statement is true or false
Which of the following is true?
a. Healthcare in Canada and most of the European countries is a socialized industry. b. Socialization of the healthcare industry eliminates the problem of scarcity in the healthcare industry. c. The high-income countries of Europe are able to provide as much healthcare, free of charge, as their citizens want. d. All of the above are true.