Behavioralists believe that:
A. if four or fewer firms control more than half of the market for a product, then the Sherman
Act is being violated.
B. industries should be judged on the basis of their price-output behavior and their
technological progressiveness.
C. there is no evidence that any monopolistic industry has abused its market power.
D. all concentrations of economic power are socially undesirable.
Answer: B
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The tendency for the poorest risks to buy health insurance and the tendency of the insured to take more risks with their health are known as moral hazard and adverse selection, respectively
a. True b. False
Jacqui decides to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own business, she withdrew $20,000 from her savings, which earned 5 percent interest. She also turned down three separate job offers with annual salaries of $30,000 . $40,000 . and $45,000 . What is Jacqui's economic profit from running her own business?
a. $-56,000 b. $-6,000 c. $4,000 d. $19,000