which of the following is NOT an example of asymmetric information?
a. adverse selection when purchasing insurance
b. characteristics of a perfectly competitive market
c. quality of pharmaceutical drugs
d. treatment options for patients under a doctor’s care
economic profit can be derive from calculating total refenues minus all of the firm’s costs,
a. excluding its opportunity costs
b. including its marginal revenue
c. including its opportunity costs
d. excluding its marginal revenue
which of the following would reduce the supply of MRI machines?
a. a technological improvement that lowers the cost of producing the MRI machines
b. higher wage rates for the workers that assemble the MRI’s
c. a reduction in the price of computer chips used to produce the MRIs
d. An increase in the price of MRI’s.
You have a partime job at the libarray that pays $15 per hour, 3 hours per day on Saturdays and Sundays. Some friends want you to join them on a weekend ski trip leaving Friday night and returning monday morning. They estimate your share of gas, motel, lift tickets, and other expenses to be $30. What is your opportunity cost of taking the ski trip?
a. $30
b. $60
c. $90
d. $120
