Competition as a dynamic process implies that the individual firms in an industry
a. face a perfectly elastic demand curve.
b. utilize a variety of techniques, such as product, style, and price, to win the dollar votes of consumers.
c. produce a homogeneous product.
d. cooperate, attempting to establish a price and output structure so each firm can survive and continue to serve the consumer.
B
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When the 2010 Patient Protection and Affordable Care Act is fully implemented, it will
a. require employers with 50 or more employees to provide approved health insurance for their employees or pay a $2000 fine annually for each full-time employee. b. expand the supply of doctors and other medical services. c. require all members of Congress and congressional staff employees to purchase their health insurance through the government operated exchanges. d. make it legal for individuals to purchase health insurance from an insurer in another state.
If one fails to account for implicit costs in decision making, then applying the cost-benefit rule will be flawed because:
A. the costs will be understated. B. the benefits will be overstated. C. the benefits will be understated. D. the costs will be overstated.