When a group of countries agree to share a common currency, they are said to have formed a

In the short run, the monopolistic competitor is just like the perfect competitor in that

A) equilibrium is determined by setting price equal to marginal cost. B) either type of firm can earn economic profits, experience economic losses, or break even in the short run. C) each equates marginal revenue and marginal cost in order to maximize profits, with the result that price exceeds marginal revenue. D) new firms enter in the short run when firms are making profits.

If labor productivity in the health care industry rises very slowly relative to wages and salaries in the industry, this would tend to:

A. increase the demand for health care. B. decrease the demand for health care. C. increase the supply of health care. D. increase the cost of health care.