Refer to the diagram, in which solid arrows reflect real flows; broken arrows are monetary flows. Flow (7) might represent:
A. a transfer payment to disabled persons.
B. wage payments to public school teachers.
C. subsidies to corporations to stimulate exports.
D. the U.S. Bureau of Engraving and Printing's expenditures for paper.
D. the U.S. Bureau of Engraving and Printing's expenditures for paper.
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Farmers who purchase insurance against crop failures tend to be pooled with farmers far away. Why might this be the case?
A) The weather in a single geographic area represents idiosyncratic risk, which is diversifiable. B) The weather in a single geographic area represents systematic risk, which is not diversifiable. C) The weather in far-flung geographic areas represents systematic risk, which is not diversifiable. D) The weather in far-flung geographic areas are commonly positively correlated.
For a competitive firm
A) price is equal to marginal revenue. B) price is less than marginal revenue. C) demand is less than marginal revenue. D) demand is less than average revenue but equal to marginal revenue.