Health Care is not like other goods and services because
A. people do not have to pay for it.
B. if a newly discovered cure costs a lot, we say, incorrectly, that its price has risen.
C. there is no motive to consume more than is economically efficient.
D. we tend to like to go to the doctor and do it for enjoyment, whereas we hate going to the dentist.
Answer: B
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In the figure above, the market for jackets ________ in long-run equilibrium, and there is ________ for new firms to enter
A) is; no incentive B) is; an incentive C) is not; an incentive D) is not; no incentive
Maxine's Cookie Shop sells chocolate chip cookies in a perfectly competitive market for $2 per dozen. Maxine currently produces 200 dozen cookies per day and average total cost at this level of production is $1.75
What level of profit is this firm earning? Explain.