If medical care is provided free of charge,
a. no one utilizes it
b. beneficiaries consume it up to the point at which the demand curve intersects the vertical axis
c. beneficiaries derive no consumer surplus from medical care
d. beneficiaries consume the same amount they have always consumed
e. beneficiaries consume it up to the point at which the marginal benefit of the final unit is zero
E
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Latin America has more trade agreements than any other region, and it has some of the oldest as well
Indicate whether the statement is true or false
In Connecticut, the apple market is perfectly competitive. Suppose that consumer tastes change so that the market demand for apples increases. In that case, the demand curves faced by individual firms will
a. not change b. become less elastic c. shift upward d. shift leftward e. shift downward
Ignoring the government and foreign sectors, if planned investment spending is $50 billion, planned saving is $70 billion, and real Gross Domestic Product (GDP) is $200 billion, then unplanned inventories will
A. increase $20 billion. B. decrease $20 billion. C. increase $80 billion. D. decrease $80 billion.
Refer to the graph below. The firm will earn maximum total profits if it produces and sells quantity:
A. 0A
B. 0B
C. 0C
D. 0K