All of the following statements are true of the minimum efficient scale except one. Which one?
A) Any increase in the scale of operation will encounter either constant returns to scale or diseconomies of scale.
B) All possible economies of scale have been exhausted.
C) The short-run average total cost curve's minimum point is equal to the long-run average cost curve's minimum point.
D) An increase in the output level will increase profit.
D
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How does the federal government avoid the asymmetric information problem associated with providing health care to people over 65 years of age?
A) Health care is standardized and is the same for all people over 65 years of age. B) Health insurers rely on the reputation of the covered individuals. C) Participation in the Medicare program is mandatory for all people over 65 years of age. D) Health information about people enrolled in the Medicare program is publically available.
A problem in identifying poverty is that the concept of what constitutes a basic need is always changing
Indicate whether the statement is true or false