Why does the American Medical Association work to limit the number of new physicians licensed each year?
This prevents the supply curve for physicians from shifting to the right as quickly as it otherwise would,
and helps preserve high wage rates for those who already have licenses.
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Assuming everyone wants to advance their interests in an effective way is an assumption of
A) capitalism. B) economic theory. C) government. D) selfishness.
If Indiana has an absolute advantage over Maine in producing both corn and ball bearings, then
a. Indiana should produce both corn and ball bearings b. there are no benefits possible from specialization c. Maine should produce ball bearings and Indiana should produce corn d. Indiana should produce ball bearings and Maine should produce corn e. they still may benefit from specialization, but more information is needed to determine which state should specialize in each