A standardized good or service is one:
A. for which any two units of it have the same features and are interchangeable.
B. for which any two units of it have similar features that could be considered close substitutes.
C. for which any two units of it have different, unique features.
D. that has very distinguishable characteristics, with each unit being economically unique.
A. for which any two units of it have the same features and are interchangeable.
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Figure 8-1
Which graph in Figure 8-1 shows a typical firm’s total revenue and total cost curves?
A. (a) B. (b) C. (c) D. (d)
At the profit-maximizing level of output, demand is
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
Which of the following statements is not true about managed care?
a. Empirical evidence suggests that managed care can reduce health care spending. b. Most of managed care's savings can be traced to reduced hospitalization. c. There is more emphasis on preventive care in managed care. d. There is no credible evidence to suggest lower quality of care for any group of patients in managed care arrangements.
Starting at full employment (RGDPNR), a. expansionary monetary policy can potentially result in increased real output, but only in the short run
b. expansionary monetary policy can potentially result in increased real output in both the short run and long run. c. contractionary monetary policy can potentially result in increased real output, but only in the short run. d. contractionary monetary policy can potentially result in increased real output in both the short run and long run.