When medical fee schedules are negotiated by two monopolists—one representing patients and one representing providers—the equilibrium medical fees will:
a. be less than fees determined by patient groups alone.
b. be greater than fees determined by provider groups alone.
c. depend on the relative bargaining strengths of the two groups negotiating the fee schedule.
d. be less than fees determined in a competitive market.
e. be greater than fees determined in a competitive market.
c. depend on the relative bargaining strengths of the two groups negotiating the fee schedule.
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The rate of unemployment is calculated as the number of
A) people in the civilian labor force divided by the number of unemployed. B) employed workers divided by the number of unemployed workers. C) unemployed divided by the number of people in the civilian labor force. D) unemployed workers divided by the number of employed workers.
Aggregate expenditure includes consumption spending, planned investment spending, government purchases, and net exports
Indicate whether the statement is true or false
Economic theory indicates that as a larger share of medical services are paid for by a third party (for example, insurance companies or the government) rather than directly by the consumer,
a. consumers will have a stronger incentive to economize. b. consumers will have a weaker incentive to economize and the prices of medical services will rise more rapidly than would otherwise be the case. c. consumers will have a weaker incentive to economize, but medical service suppliers will have a stronger incentive to keep prices low. d. the suppliers of medical services will have more incentive to economize.
Existing teams have the bargaining power to induce cities to build stadiums for them because of the
A. ease of obtaining expansion franchises. B. fact that they have won national championships. C. difficulty of obtaining expansion franchises. D. fact that land in some urban areas is still relatively cheap.