Which of the following statements is true?
A) In a competitive market, the invisible hand encourages the movement of resources from more productive uses to less productive uses.
B) In a competitive market, firms in the long run tend to earn positive economic profits.
C) Competitive equilibrium provides incentives for entrepreneurs to shift their resources from unprofitable industries to profitable ones.
D) At the competitive equilibrium, production occurs at the point of maximum average total cost.
C
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In the United States, those most likely to be uninsured are:
a. low-income children. b. low-income adults. c. middle class adults. d. middle class children.
The relevant cost in economic decision-making is the opportunity cost of the resources rather than the outlay of funds required to obtain the resources
a. true b. false