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were implemented. Was this a reasonable assumption given that the programs all cut out-of-pocket payments for
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Suppose that a group of physicians establishes a joint practice in a remote area. This group provides the only health care
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Suppose that a government agency guarantees to pay all of an individual's future health care expenses after the end of
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Some economists have argued that if the government wishes to subsidize health care, it should instead provide predetermined
1. 3 answers
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The principle that suggests that the distribution of income should be based on the contribution made by individuals to
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how do you calculate the profit maximizing quantity
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Which of the following markets has a barrier to entry?A.An aluminum company owns all bauxite mines comma an essential input.
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a. Suppose that the objective of a union is to maximize the total dues paid to the union by its membership. Now, consider the
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In the figure to the right, suppose thatWe is a wage rate of $33 per hour and Wu is a wage rate of $42 per hour. In
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In the figure to the right, suppose that We is a wage rate of $29 per hour and Wu is a wage rate of $40 per hour. In
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A simple random sample of size nequals200 drivers with a valid driver's license is asked if they drive an American-made
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A simple random sample of size nequals200 drivers with a valid driver's license is asked if they drive an American-made
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According to the National Sleep Foundation, children between the ages of 6 and 11 years should get 10hours of sleep each
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Homework: Chapter 10 - MeansQuestion 7, 10.4.7-T Part 1 of 6 HW Score: 66.67%, 6 of 9 points Points: 0 of 1 Question list Skip
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22. Marginal cost equals
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A college entrance exam company determined that a score of 20 on the mathematics portion of the exam suggests that a student is
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Verify that the requirements to perform the test using the t-distribution are satisfied. Check all that apply.A. The students
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Constant returns to scale
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explicit and implicit costs.examples
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A new competitor enters the industry and competes with a second firm, which had been a monopolist. The second firm finds that
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A society faces economic cost by allowing monopolies to exist because monopoliesPart 7 A. charge a price higher than a perfectly
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A manager of a monopoly firm notices that the firm is producing output at a rate at which average total cost is falling but is
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Input of labor: 0; 1; 2; 3; 4; 5; 6; 7Total product: 0; 20; 50; 80; 105; 125; 140; 150 In the above table, the average product
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9. Why does Switzerland have the world’s best health care systems? Explain two main unique features of the Swiss health plan.
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6. As of 2020, in which of the following industry sectors do women represent a majority of employees?a. Professional and
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3. Country-wide economic shocks such as recessionsa. can have unequal effects on the unemployment rates for men and women. b.
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1. The four factors of production area. labor, land, capital, and entrepreneurship. b. wages, rent, dividends, and royalties. c.
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Labor Output Average physical product Marginal product1 10 -- 2 10 12 3 10 15 4 52 5 10 9 14. Using the table at right, the
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Economies of scale occur when there arePart 2 A. increases in long-run average costs when output increases. B. decreases
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Which one of the following statements is FALSE?Part 2 A. ATC = AFC + AVC B. TC = TFC + TVC C. MC = TC divided
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Suppose that when the level of output for the firm increases from 50 to 60 units, its variable costs increase from $500
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Suppose that a firm is currently producing 500 units of output. At this level of output, TVC = $10,000 and TFC =
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Suppose that a firm is currently producing 500 units of output. At this level of output, AVC is $1 per unit, and TFC
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Phil found that as he continued to crowd laborers into his hot dog stand, the extra output he was receiving from each
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The change in total product occurring when a variable input is increased and all other inputs are held constant isPart 2 A.
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The relationship Q = f(K, L) is an example of aPart 2 A. cost function. B. demand equation. C. profit equation. D.
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Suppose that one worker can produce 15 cookies, two workers can produce 35 cookies together, and three workers can produce
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Mr.Hershey' company produces chocolate bars. Which is NOT a variable input for this firm?Part 2 A. packaging materials B.
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Which of the following would be a fixed input for an amusement park?Part 2 A. unpopped popcorn B. concession workers C. a
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Which of the following would be a fixed input to an automobile firm?Part 2 A. car batteries B. a plant in Michigan C.
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A fixed resource is one thatPart 2 A. cannot be varied in the short run. B. costs more than the average daily revenue of the
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The long run is defined as the time period in whichPart 2 A. the firm can vary only one input. B. the firm can make positive
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The time period during which a firm's capital is fixed but its labor is variable is calledPart 2 A. the very long run. B. the
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For a hotdog vender, the hotdog buns represents hisPart 2 A. sunk cost. B. fixed input. C. variable input. D. none of the
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nazi symbol mean
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has Gaza ever part of Israel?
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Two years ago, a large number of firms entered a market in which existing firms had been earning positive economic profits.
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A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits
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Consider the diagram at right, which applies to a perfectly competitive firm, which at present faces a market clearing
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Consider the diagram at right, which applies to a perfectly competitive firm, which at present faces a market clearing
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Select which characteristic of a perfectly competitive industry is not met in the examples below.Four fundamental
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Is there any thing wrong with my sentence.The clothes are ruff and not evening.
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A simple random sample of size n equals 10 is obtained from a population with mu equals 66 and sigma equals 16.What must be true
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Suppose that a company currently employs 1 comma 000workers and produces 4 million units of output per month. Labor is its only
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2. 160 views
Suppose that a company currently employs 1 comma 000workers and produces 4 million units of output per month. Labor is its only
1. 1 answer
2. 151 views
Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby
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2. 171 views
In the short run, a firm's total costs of producing the hundredth unit of output equal $8 comma 000. If it produces one
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2. 109 views
Another way of addressing slippery rail is to wait until it begins to develop. Then the company purchases sand and dumps it on
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During autumn months, passenger railroads across the globe deal with a condition called slippery rail. It results from a
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2. 122 views
At its current short-run level of production, a firm's average variable costs equal $20per unit, and its average
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During the previous month, a firm produced 300tablet devices and its total costs were $18 comma 900 . Just before the firm
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During the previous month, a firm produced 200tablet devices at an average variable cost of $39 and at an average fixed
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At the end of the year, a firm produced 20 comma 000laptop computers. Its total costs were $8 million, and its fixed
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Suppose that the firm decided to consider employing a 12th unit of labor, which it has determined would result in a decrease
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The academic calendar for a university is August 15 through May 15. A professor commits to a contract that binds her to a
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Suppose the area under the normal curve to the left of =30 cm is 0.0558. Provide two interpretations of this result. Select all
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Upper A9 percent increase in the price of digital apps reduces the amount of tablet devices demanded by 5 percent. The cross
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For Kelly comma there is no substitute for Diet Coke. It is the only thing that she likes to drink.Based only on this
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2. 120 views
Upper A4 percent increase in the price of digital apps reduces the amount of tablet devices demanded by 8 percent. The cross
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2. 80 views
Current increases in the price of gasoline are expected to persist indefinitely.Based only on this information, the long
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How do you know a product is most elastic demand
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We should expect the cross price elasticity of butter and margarine to bePart 2 A. positive since they are complements. B.
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2. 98 views
Upper A4 percent increase in the price of digital apps reduces the amount of tablet devices demanded by 4 percent. The cross
1. 1 answer
2. 87 views
George spends more than half of his monthly income on rent.Based only on this information, George's demand for rental housing
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2. 78 views
Which of the following would have the most elastic demand?Part 2 A. Electricity. B. Cigarettes. C. Salt. D. Coca-Cola.
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Mark is selling gourmet apples at a price of $2per pound. Currently, he sells 100 pounds of apples per week. This
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A ski rental store raisedthe price of rental skis from $12 to $14 per day. Correspondingly, sales fell from 2 comma 500
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A firm sells 5million units of a good when price is $3.00 and 3.5 million units when price is $4.50 . The price elasticity
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What does the price elasticity of demand measure?Part 2 A. The amount that the demand curve shifts when there is a change in
1. 1 answer
2. 112 views
A movie theaterfinds that when it prices tickets at $9 , the theater sells 250 per day . When the price is reduced to
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2. 127 views
What happens in the market with an upward sloping supply curve when there is a shift in the demand curve due to an external
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Other things remaining equal, a decrease in the world oil supply like those that occurred in 1973-74 and 1979 wouldPart 2
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When supply increases and the (downward-sloping) demand curve remains in the same position,Part 2 A. price rises and
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When demand decreases and the (upward sloping) supply curve remains in the same position,Part 2 A. price rises and
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2. 119 views
Suppose that you are investigating the market for wheat. The price of corn , a substitute good, has decreased. Which of
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Which of the following is not an example of a transaction cost?Part 2 A. The enjoyment of using the good. B. The cost of
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The publication Car and Driver reduces transactions costs for high-performance car buyersPart 2 A. by providing reliable
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2. 94 views
Buyers and sellers receive information about what should be bought and what should be producedPart 2 A. from prices in a market
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The price of orange juiceincreases. Which of the following is not part of the likely chain of events that follows from this
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In a price system, changes in pricesPart 2 A. make it difficult for the economy to function well. B. signal to consumers that
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the marginal utility of good A is 3 imes the marginal utility of good B, and the price of good A is $4.50Use consumer
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Consumer optimum requires that consumers make purchases so for that the last dollar spent on all goods, the ratio of marginal
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2. 183 views
We know the marginal utility of good A is 3times the marginal utility of good A, and the price of A is $4.50 . Since we
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At a consumer optimum involving goods A and B, the marginal utility of good A is 6utils, and the marginal utility of good
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At a consumer optimum involving goods X and Y, the marginal utility of good X equals 5utils. The price of good Y is three
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the marginal utility of good A is 3times the marginal utility of good B, and the price of good A is $3.50 , the price
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At a consumer optimum involving goods A and B, the marginal utility of good A is threetimes the marginal utility of good B.
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the consumer utility mazimizing rule
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At a consumer optimum involving goods A and B, the marginal utility of good A is five times the marginal utility of good B.Pa
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At a consumer optimum involving goods A and B, the marginal utility of good A is five times the marginal utility of good B.Pa
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2. 101 views