Using the physician-control model to explain hospital behavior leads to which of the following conclusions?
a. Other medical inputs tend to be over used to maximize physicians' productivity.
b. The use of operating rooms will be maximized with little excess capacity.
c. Physicians will strive to utilize the nursing staff efficiently.
d. All investment decisions will be based on optimal resource use.
e. All of the above are conclusions of the physician-control model.
A
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A ________ occurs when an economic activity has a spillover cost that does not affect those directly engaged in the activity
A) positive externality B) negative externality C) gain in producer surplus D) gain in consumer surplus
On a line chart, the income of a consumer is measured along the horizontal axis, and his consumption is measured along the vertical axis. The slope of the line is equal to:
A) change in consumption plus change in income. B) change in consumption minus change in income. C) change in consumption multiplied by change in income. D) change in consumption divided by change in income.
An increase in the number of workers hired by a firm could result from
A) a decrease in the marginal product of labor. B) a decrease in the marginal revenue product of labor. C) an increase in the real wage. D) a decrease in the real wage.
The beneficiaries of the minimum wage are confined to those in poverty
a. True b. False