Which of the following statements is true for both Microsoft and a locally owned restaurant?
A. Both confront perfectly elastic demand for their products.
B. Both are perfect competitors.
C. Neither firm is able to influence the price of their products.
D. Both seek to maximize profits.
Answer: D
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Briefly explain what is included in the following provisions which are a part of the Patient Protection and Affordable Care Act (ACA):
-the individual mandate -the employer mandate -regulation of private insurers -state health exchanges
The use of data in economic models is important because
A) the model's predictive value rests on supportive evidence from real-world data. B) the models are always complex in nature. C) models must analyze every possible angle of the problem. D) social problems analyzed by economists require long streams of data.