Creating a competitive and legal market for human organs for transplant would make the:
A. Supply curve vertical for such organs
B. Demand curve vertical for such organs
C. Supply curve slope upward to the right for such organs
D. Demand curve slope upward to the right for such organs
C. Supply curve slope upward to the right for such organs
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The impact of technological change in the health-care area has been to
A) increase both the quality of health care and the monetary costs of health care. B) increase the monetary costs of health care and decrease the quality of health care. C) decrease the monetary costs of health care while decreasing the quality of health care. D) increase longevity but decrease quality of life.
A sudden decrease in the market demand in a competitive industry leads to
a. A market equilibrium price higher than the original equilibrium in the short-run b. A market equilibrium price equal to the original equilibrium in the long-run c. Both a and b d. None of the above
According to the contestable market model, if there are no barriers to entry or exit, the price an oligopolist sets will provide no economic profits in the long run.
Answer the following statement true (T) or false (F)
Suppose the following Lagrangian is formed to maximize a consumer's utility subject to her budget constraint: ? = U(X,Y) + ?(1,000 - 50X - 50Y). The first-order conditions for this problem imply:
A. (?U/?X)/(?U/?Y) = 10. B. PX/PY = 10. C. MRS = 10. D. All of the statements associated with this question are correct.