In the transition from the short run to the long run, the number of firms in a competitive industry is

An indication that Insurance companies anticipate adverse selection is

a. they do not require a deductible b. they do not classify clients into different risk types according to their claim history c. they do not classify clients into different risk types according to pre-existing conditions d. they require a co-payment

As more workers are hired to harvest grapes in a vineyard, the fields become overcrowded. As a result, the marginal product of labor is likely to diminish

a. True b. False Indicate whether the statement is true or false