One of the special features of the health care market is asymmetric information. This refers to the following characteristics, except:
A. The doctor (supplier) tells the patient (demander) what to purchase
B. Buyers have little understanding of services they are asked to consume
C. Fee-for-pay arrangements lead to excessive quantities of services prescribed
D. Consumers pay lower out-of-pocket costs
D. Consumers pay lower out-of-pocket costs
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What is the typical effect of government actions, such as laws and regulations, that impose barriers of entry to oligopolistic markets?
a. The actions benefit consumers by lowering prices on goods and services. b. The actions protect the quality of goods and services that are sold. c. The actions prevent the formation of monopolies. d. The actions encourage greater competition.
Which of the following is a long-run adjustment?
A. A firm lays off two workers. B. Two firms exit the asbestos removal industry. C. A manufacturer increases its purchase of raw materials. D. A farmer buys twice the usual amount of herbicide.
A firm is currently hiring capital and labor so that MPL/PL < MPK/PK. If the firm wishes to maximize profits it should hire
A. more labor and less capital. B. less labor and less capital. C. less labor and more capital. D. more capital and more labor.
The total volume of business sales in our economy is several times larger than GDP because:
A. The GDP does not take taxes into account B. The GDP excludes intermediate transactions C. The GDP grossly understates the value of our annual output D. Total sales are in money terms and GDP is always stated in real terms