The prediction by the American Medical Association of a shortage of physicians by the year 2020 assumes
A) physicians' fees will not rise to a market clearing level.
B) physicians' services will be free goods.
C) physicians' services will no longer be scarce.
D) physicians will be willing to work for less income.
A
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If the price of a truck in the United States is $18,000, and the exchange rate between the dollar and the Argentine peso falls from 10 pesos to 8 pesos per dollar, then the price of the American truck in Argentina will
A. fall. B. remain the same. C. rise. D. be irrelevant, because the Argentine government will impose restrictions on imports from the United States.
A competitive market is one in which
a. there is only one seller, but there are many buyers.
b. there are many sellers and each seller has the ability to set the price of his product.
c. there are many sellers and they compete with one another in such a way that some sellers are always being forced out of the market.
d. there are so many buyers and so many sellers that each has a negligible impact on the price of the product.