In the short run, a perfectly competitive firm will always shut down if total revenue is ____ at all positive output levels
a. less than total cost
b. less than total cost but greater than variable cost
c. less than total cost but greater than fixed cost
d. greater than fixed cost
e. less than variable cost
E
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Suppose residents of Toadhop live on the Quabache River, a river prone to flooding. Suppose there are 1000 (type A) people who value flood control more than the 1000 (type B) people. Type A Demand QD = 100 ? P Type B Demand QD = 50 ? P Where Q measures the quality of flood control. If the price of a unit of flood control is $100,000 and the citizens of Toadhop did not work together the amount
of flood control purchased would be a. 0 b. 10 c. 25 d. 70
Holding all other personal characteristics-such as age, gender, and income-constant, economists would expect that
A) people without health insurance will be less likely to be overweight than people with health insurance. B) people without health insurance will be more likely to be overweight than people with health insurance. C) people without health insurance will be equally likely to be overweight as people with health insurance. D) there is no correlation between not having health insurance and being overweight.