Refer to Table 1-3. Using marginal analysis, by how many hours should Santiago extend his store's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
C
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Health insurance companies often charge high premiums because ________
A) they expect to attract high-risk individuals B) they expect to attract risk-averse individuals C) they expect to attract low-income individuals D) they expect to attract risk-neutral individuals
Consider a perfectly competitive industry in a long-run equilibrium. If a single firm in that industry discovers a significant cost-saving production technology, then:
A. the firm will earn an economic profit in the long run. B. the rest of the industry will quickly adopt the new technology. C. all firms in the market will earn an economic profit in the short run. D. all the firms in the market will earn an economic profit in the long run.