Which of the following periods was not characterized by inflation in the U.S. economic history?

Once the national health care program goes into effect and more people will pay fewer of their health care expenses out of their own pockets than they did previously, we can expect

A) the quantity of health care services demanded will increase. B) the quantity of health care services demanded will decrease. C) the quantity of health care services supplied will increase. D) the quantity of health care services supplied will decrease.

Answer the following statement(s) true (T) or false (F)

1. A competitive firm will exit an industry in the long run if the market price falls below the firm's break-even price. 2. For a competitive firm with a downward sloping marginal cost curve, the supply curve and the marginal cost curve look exactly the same 3. There is no reason for a competitive firm to stay in business if it is making zero economic profit. 4. A decrease in firms’ variable costs will cause the output of the market to decrease. 5. A technological advance that reduces firms’ variable costs will lead to higher profits in the long run of a perfectly competitive industry.