Top Posters
Since Sunday
12
s
6
j
5
5
s
5
m
5
b
4
p
4
m
4
M
4
i
4
P
4
Limited Access

The graph shows the demand for insurance by low-cost people (Dlow-cost), the demand for insurance by high-cost people (Dhigh-cost), the premium charged by insurance companies that expect to have a 50-50 mix of customers (P50-50) and the premium charged by insurance companies that expect to have more high-cost people than low-cost people (Ppessimistic).

Assume that P1=$5,500, P2=$8,250, Q1=20, Q2=60, and Q3=168. When the insurance company has an expectation of a 50-50 mix of customers, what percentage of actual customers are high-cost? What percentage are low-cost?
Please round your final answer to two decimal places.

▸ 11.90%, 10.64%

▸ 89.36%, 88.10%

▸ 89.36%, 10.64%

▸ 11.90%,88.10%
The Insurance Market

Suppose you have a health insurance policy with a $350 deductible and 40 percent coinsurance. If you receive a medical bill for $2,500, how much will you pay out-of-pocket?
Please round your final answer to two decimal places.

▸ $1,350.00

▸ $1,640.00

▸ $1,850.00

▸ $1,210.00

The most common type of gene duplication generates:



▸ multiple copies of the gene in various sites in the genome.

▸ a second copy of the gene in close proximity to the first copy.

▸ a second copy of the gene in a distant location of the same chromosome.

▸ a second copy of the gene on a different chromosome.

▸ a second copy of the gene in a different species.
For a monopsonist in a labour market, the firm's MC curve for labour lies ________ the competitive supply curve for labour; just as the marginal revenue curve for a monopolist lies ________ the demand curve for its product.

▸ below; above

▸ below; below

▸ above; above

▸ above; below
Choose the statement that best describes the dilemma facing the regulator of a natural monopoly.

▸ Both kinds of regulation have the same implications for allocative efficiency.

▸ Marginal-cost pricing will result in productive and allocative inefficiency; average-cost pricing will not.

▸ Marginal-cost pricing leads to profit or losses; average-cost pricing results in allocative inefficiency.

▸ Marginal-cost pricing will result in allocative inefficiency; average-cost pricing leads to profits or losses.

▸ There is no dilemma.

The diagram below shows supply, demand, and quantity exchanged of Monday matinee movie tickets. Assume it is a perfectly competitive market.

Short description: A graph plots quantity against price in dollars. Long description: The horizontal axis representing quantity ranges from 0 to 100, in increments of 10. The vertical axis representing price (dollars) ranges from 0 to 10, in increments of 1. The graph plots two lines. The line representing S passes through the following points: (0, 0), (25, 2.50), (50, 5), (75, 7.50), and (100, 10). The line representing D passes through the following points: (0, 10), (25, 7.50), (50, 5), (75, 2.50), and (100, 0). The two lines intersect at the point (50, 5). Three vertical dashed lines are drawn from 25, 50, and 75 to meet the line, D. Three horizontal dashed lines are drawn from 2.5, 5, and 7.5 to meet the line, D. Note: All values are approximate.

FIGURE 12-4

Refer to Figure 12-4. Suppose a disequilibrium price of $7.50 per movie ticket is imposed in this market. The consumer surplus becomes ________ and the producer surplus becomes ________.



▸ $62.50; $250

▸ $62.50; $125

▸ $2.50; $7.50

▸ $31.25; $156.25

▸ $0; $62.50

The diagram below shows the demand and marginal revenue curves for a perfectly price discriminating monopoly.

Short description: A graph plots Q against dollars. Long description: The horizontal axis representing Q ranges from 0 to 2000, in increments of 500. The vertical axis representing dollars ranges from 0 to 14, in increments of 2. The graph plots two lines. The first line passes through the points, (0, 12), (250, 9), (500, 6), (750, 3), and (1000, 0). The second line representing D passes through the points, (0, 12), (500, 9), (1000, 6), (1500, 3), and (2000, 0).

FIGURE 10-10

Refer to Figure 10-10. If this is a perfectly price discriminating monopoly at a constant cost equal to $3.00 (i.e., AC = MC = $3.00) total revenue is



▸ $11 250.

▸ $9000.

▸ $6750.

▸ $6000.

▸ $4500.


Short description: A graph plots unit of a good against the total utility. Long description: The horizontal axis representing the unit of a good ranges from 0 to 6, in increments of 1. The vertical axis representing total utility ranges from 0 to 110, in increments of 10. The graph shows a curve that passes through the following points: (0, 0), (1, 60), (2, 80), (3, 92), (4, 98), and (5, 100). Note: all values are approximate.

FIGURE 6-1

Refer to Figure 6-1. The consumer's total utility is



▸ increasing at a decreasing rate.

▸ constant.

▸ decreasing at an increasing rate.

▸ increasing at an increasing rate.

▸ decreasing at a decreasing rate.

The diagram below shows the market for some agricultural product, X.

Short description: A graph plots the quantity of X against the price of X. Long description: The horizontal axis representing the quantity of X in units per week ranges from 300 to 1800, in increments of 300. The vertical axis representing the price of X in dollars ranges from 1.00 to 6.00, in increments of 1.00. The graph plots two lines. A decreasing line representing D passes through the following points: (300, 5.00), (600, 4.00), (900, 3.00), (1200, 2.00), and (1500, 1.00). An increasing line representing S passes through the following points: (300, 1.00), (600, 2.00), (900, 3.00), (1200, 4.00), and (1500, 5.00). The two lines intersect at (900, 3.00).  Note: All values are approximate.

FIGURE 5-8

Refer to Figure 5-8. Suppose the government has imposed a price floor at $5.00 per unit in this market. With this price floor in place, what is the weekly amount of deadweight loss in this market?



▸ $150

▸ $300

▸ $1200

▸ $1350

▸ $1500
Consider the global market for barley, an agricultural commodity. Suppose that in August 2020, the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes. In August 2021, the equilibrium price and quantity were P = $150 per tonne and Q = 410 million tonnes. Which of the following is the best possible explanation for this change in market equilibrium?

▸ There has been a simultaneous increase in demand and increase in supply of barley.

▸ There has been a decrease in supply of barley.

▸ There has been a decrease in demand for barley.

▸ There has been a simultaneous increase in demand and decrease in supply of barley.

▸ There has been an increase in demand for barley.
Which of the following represents a typical "real" flow (as opposed to a financial flow) in the circular flow of income?

▸ goods going from producers to consumers

▸ factor services going from producers to consumers

▸ goods going from consumers to producers

▸ money payments going from producers to consumers

▸ money payments going from consumers to producers
A classic study demonstrating cognitive dissonance was conducted by __________.

▸ Harold Kelley

▸ Solomon Asch

▸ Stanley Milgram

▸ Leon Festinger
Which of the following is NOT considered a problem with personality tests?

▸ There are difficulties with scoring.

▸ There are different types of personality tests.

▸ The tests can be culturally biased.

▸ People try to fake their answers.
Jeremy has been having an affair with another woman. One afternoon, his wife comes home later than usual and Jeremy becomes angry, accusing her of infidelity. Which defense mechanism is behind Jeremy's accusation?

▸ Denial

▸ Projection

▸ Rationalization

▸ Reaction formation
Explore
Post your homework questions and get free online help from our incredible volunteers
  303 People Browsing
 447 Signed Up Today
Your Opinion
How often do you eat-out per week?
Votes: 62

Previous poll results: Who's your favorite biologist?