One reason health insurance is very expensive is because
A) it is likely a nearly fair insurance policy.
B) it is subject to manipulation through market power.
C) the government doesn't regulate the industry enough.
D) it is likely an unfair insurance policy.
A
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Which of the following is correct?
a. In unionized industries, wages are below the level that would prevail in competitive markets. b. The introduction of a union in an industry reduces the quantity of labor demanded in that industry, causes some workers in that industry to be unemployed, and reduces wages in the rest of the economy. c. There is a strong consensus among economists that unions are bad for the U.S. economy. d. All of the above are correct.
When MR < MC for a firm, the firm should
A) reduce its level of output. B) stay at the same level of output. C) stop producing. D) increase output, unless P < AVC.