Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

true, false or uncertain? with explanation please 5. (32 Points) State whether the following statements are TRUE, FALSE, or UNCERTAIN and explain why. You can

true, false or uncertain? with explanation please
image text in transcribed
5. (32 Points) State whether the following statements are TRUE, FALSE, or UNCERTAIN and explain why. You can take the non-italicized portions as given. For each of these problems, you must explain your answer with words, math, and/or pictures. The quality of the explanation is a substantial part of the grade. (a) (4 Points) Suppose that some firm uses labor and capital to produce output, but is unable to adjust its capital stock in the short-run. True, False, or Uncertain: the firm's supply curve will be more upward-sloping in the short-run than in the long-run. (b) (4 Points) Let's assume that someone is in the process of adopting a shelter cat (that they already love very much and would want to pay for any needed medical procedures). True, False, or Uncertain: a reasonably risk-averse person should buy fairly-priced "health insurance" that would pay (if needed) for the cat's very expensive life-saving medical procedure over the following year. (c) (4 Points) True, False, or Uncertain: there is no need for the government to subsidize applied science applications because firms will be able to patent their invention and price as a monopolist

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics Private And Public Choice

Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

17th Edition

0357133994, 9780357133996

More Books

Students also viewed these Accounting questions