Most of the empirical research on long-run costs suggests that the long-run average cost curve for most firms has a very pronounced U-shape

When the Fed sells bonds, the quantity of reserves in the banking system declines and the money supply decreases.

a. true b. false

Joseph decides to join the Big State University's football team when he learns that his health insurance will pay for any subsequent injury. This illustrates

A) a moral hazard problem. B) monopolistic behavior. C) a symmetric information problem. D) oligopolistic behavior.