Once the national health care program goes into effect and more people will pay fewer of their health care expenses out of their own pockets than they did previously, we can expect
A) the quantity of health care services demanded will increase.
B) the quantity of health care services demanded will decrease.
C) the quantity of health care services supplied will increase.
D) the quantity of health care services supplied will decrease.
Answer: A
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One of the necessary conditions for the classical model to be TRUE is that
A) wages were flexible and prices are fixed. B) wages and prices are fully flexible. C) wages and prices are partly flexible. D) wages and prices will not change.
A firm finds that at its MR = MC output, its TC = $1,000, TVC = $800, TFC = $200, and total revenue is $900. This firm should:
A. shut down in the short run. B. produce because the resulting loss is less than its TFC. C. produce because it will realize an economic profit. D. liquidate its assets and go out of business.